HeidelbergCement may sell Australian arm

HeidelbergCement may sell Australian arm
Published: 14 May 2009

HeidelbergCement is considering selling its A$2bn ($1.5bn) Australian business as it looks to pay down debt it took on with the takeover of British rival Hanson, the Australian Financial Review newspaper reported on Thursday.

The business daily said HeidelbergCement had appointed advisers for a sale.

It said several potential bidders had confirmed to the newspaper that they had been alerted to a possible sale by Deutsche Bank, but that the investment bank had said no final decision had been made by HeidelbergCement yet.

Potential bidders could include building materials groups Boral Ltd, Fletcher Building Ltd and Adelaide Brighton Ltd.

"We would certainly have a look if we were given the chance," a Fletcher Building spokesman said.

Source: Reuters