Heidelberg lines up banks for possible Hanson takeover

Heidelberg lines up banks for possible Hanson takeover
Published: 11 May 2007

HeidelbergCement has lined up the Royal Bank of Scotland and Deutsche Bank as debt providers ahead of a possible takeover bid for Hanson, the world’s biggest supplier of sand and gravel which is valued at about Pounds 7.3bn. 
 
HeidelbergCement said last week that it was reviewing its options for Hanson, including a takeover. The two groups have had informal talks with Hanson, but no formal offer has yet been made. 
 
However Bernd Scheifele, chief executive of HeidelbergCement, yesterday told investors that he did not anticipate counterbids from rivals such as Lafarge or Cemex. 
 
Speaking at the annual investor meeting, he said that a Hanson bid was only one option for the group. 
 
"We’re not under pressure. . . an option would be to continue with bolt-on acquisitions as we have in past years," Mr Scheifele said. 
 
Hanson shares closed 1.7 per cent higher at Pounds 10.47 1/2p amid speculation that HeidelbergCement has been trying to purchase a stake. 
 
Traders reported rumours that several institutions had been approached to see if they were prepared to sell their Hanson shares at between Pounds 10.70 to Pounds 10.75 each. 
 
Hanson’s biggest shareholders are Threadneedle (7.7 per cent), Legal & General (6.4 per cent), and Standard Life (4.5 per cent). 
 
Hanson has already written to its shareholders advising them to take no action until while HeidelbergCement considers its options. 
 
Cement groups have been consolidating during the past three years. In 2005, RMC was bought by Cemex of Mexico. More recently, Cemex is in the middle of a Dollars 14.2bn takeover of Rinker, the Australian building materials group. 
 
HeidelbergCement’s first-quarter turnover rose18.1 per cent to Euros 2.060bn (Pounds 1.398bn) on Euros 1.744bn for the same period last year. 
Heidelberg lines up banks for possible Hanson takeover 

HeidelbergCement has lined up the Royal Bank of Scotland and Deutsche Bank as debt providers ahead of a possible takeover bid for Hanson, the world’s biggest supplier of sand and gravel which is valued at about Pounds 7.3bn. 
 
HeidelbergCement said last week that it was reviewing its options for Hanson, including a takeover. The two groups have had informal talks with Hanson, but no formal offer has yet been made. 
 
However Bernd Scheifele, chief executive of HeidelbergCement, yesterday told investors that he did not anticipate counterbids from rivals such as Lafarge or Cemex. 
 
Speaking at the annual investor meeting, he said that a Hanson bid was only one option for the group. 
 
"We’re not under pressure. . . an option would be to continue with bolt-on acquisitions as we have in past years," Mr Scheifele said. 
 
Hanson shares closed 1.7 per cent higher at Pounds 10.47 1/2p amid speculation that HeidelbergCement has been trying to purchase a stake. 
 
Traders reported rumours that several institutions had been approached to see if they were prepared to sell their Hanson shares at between Pounds 10.70 to Pounds 10.75 each. 
 
Hanson’s biggest shareholders are Threadneedle (7.7 per cent), Legal & General (6.4 per cent), and Standard Life (4.5 per cent). 
 
Hanson has already written to its shareholders advising them to take no action until while HeidelbergCement considers its options. 
 
Cement groups have been consolidating during the past three years. In 2005, RMC was bought by Cemex of Mexico. More recently, Cemex is in the middle of a Dollars 14.2bn takeover of Rinker, the Australian building materials group. 
 
HeidelbergCement’s first-quarter turnover rose18.1 per cent to Euros 2.060bn (Pounds 1.398bn) on Euros 1.744bn for the same period last year.