HeidelbergCement Q2 boosted by Vicat stake sale

HeidelbergCement Q2 boosted by Vicat stake sale
Published: 06 August 2007

HeidelbergCement reported a boost to second-quarter profits on Monday on the back of the disposal of its stake in French building materials group Vicat.  
 
HeidelbergCement, which is buying British aggregates specialist Hanson for UK£8bn ($16.29bn), said net profit in the quarter came in at EUR1.194bn (US$1.89bn), up from EUR346m in the same period the previous year.  
 
Operating income rose to EUR561m from EUR498m in the year-earlier period.  
 
HeidelbergCement said it was confident of achieving a significant improvement in turnover and results in 2007. 
 
HeidelbergCement said it was on track to complete its takeover of Hanson in August or September. The acquisition will mark the biggest takeover in the sector and will create the global number two in construction materials, challenging top-ranked  Saint Gobain . 
 
It said a credit facility to help finance the acquisition had been syndicated to 46 banks. It also raised around EUR527m via a capital increase.