Buzzi Takeover Bid for German Dyckerhoff fails

Buzzi Takeover Bid for German Dyckerhoff fails
Published: 05 February 2007

The takeover bid of Italian cement and concrete maker Buzzi Unicem S.p.A. for German building material maker Dyckerhoff AG failed as the Italians managed to acquire only 88.37 per cent of the shares in the German company, Dyckerhoff said on February 2, 2007.

The stake in the hands of Buzzi is under the legal requirement of 95 per cent, which could allow the Italian company to launch a squeeze-out procedure. Buzzi could make a new takeover bid in a year period at the earliest.

In early December 2006, Buzzi raised its offer for Dyckerhoff  to EUR42 ($54.5) per ordinary share and EUR 40 ($51.9) per preference share from the initial 40 euro ($51.9) and 37.5 euro ($48.6) respectively.