Hanson shareholders approve HeidelbergCement’s recommended cash offer
At shareholders meetings held yesterday, the shareholders of London-based Hanson PLC approved the recommended cash offer by HeidelbergCement, such offer to be effected by means of a scheme of arrangement. Provided that the anti-trust authority of the USA and the EU Commission approve the takeover, the scheme of arrangement will be effected by the end of August 2007.
With over 99% of the votes cast in favour, the Hanson shareholders approved the scheme of arrangement and the recommended cash offer. At the completion date, HeidelbergCement, which presently holds approximately 28%, will own 100 % of Hanson’s issued share capital.
“The acquisition of Hanson PLC strengthens the position of HeidelbergCement as one of the leading building materials producers in the world”, says Dr. Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement. “This is an important step in the reorientation of our Group strategy. Alongside our traditional core business of cement, we consider aggregates the other main strategic focus. Together with Hanson, we will become the world market leader in the aggregates business; we will have around 70,000 employees and achieve a turnover of approximately EUR 15 billion.”
Published under Cement News
