Germany’s HeidelbergCement has refinanced €8.7bn (US$15.1bn) in debt, taking some of the urgency away from any potential sale of its local unit, Hanson Australia. Adelaide Brighton, along with Ireland’s CRH, it is the most likely bidder for the unit. Deutsche Bank was advising Heidelberg on any possible sale of Hanson Australia.
Citigroup places a $2.7bn valuation on Hanson Australia based on underlying EBITDA of US$412m Analsyt Jonathon Snape regards AdBri as having a good chance of purchasing the asset from a competition perspective with one exception - Hanson’s 25 per cent holding in Cement Australia. The stake could be sold to other joint venture partners such as Holcim, which bought Readymix. Boral, which was not given approval by the Australian Competition and Consumer Commission in 2004 to buy AdBri, is not expected to be given permission to buy Hanson Australia.
AdBri, Adelaide Brighton, Boral, Cement Australia, Citigroup, Deutsche Bank, Readymix, Australian Competition and Consumer Commission, Heidelberg Cement, Hanson Australia, CRH, Jonathon Snape, Holcim.