Buzzi Unicem reports that, by Wednesday, its improved takeover bid for the German building materials group Dyckerhoff had gained acceptance from ordinary and preference shareholders representing 6.33 per cent of the German company’s share capital. It has now therefore secured 95.11 per cent of the company’s ordinary shares, but still only 84.91 per cent of the company’s total share capital, including preference shares. A 95 per cent stake in the share capital is necessary for a squeeze-out of minority shareholders.
Buzzi is offering 40 euros per preference share and 42 euros per ordinary share. Its takeover bid continues until January 15.