Italian cement and concrete maker Buzzi Unicem S.p.A. has increased its cash offer for German building material maker Dyckerhoff AG to EUR42 per share from EUR40 earlier, Buzzi Unicem and Dyckerhoff said on November 30, 2006.
The Italian group now offers 40 euro for Dyckerhoff’s preferred stock compared with EUR37.5 ($49.5) earlier.
The offer is valid only if Buzzi Unicem succeeds getting at least 95 per cent of Dyckerhoff basic capital during the acceptance period.
According to a Dyckerhoff spokesperson, Buzzi Unicem currently holds 94.9 per cent of the common shares and 62.2 per cent of the preferred ones.
Buzzi Unicem announced in October 2006 it planned to fully take over Dyckerhoff, in which it held the majority stake, the German News Digest reported on October 30. Buzzi aims to buy out the shares of the minority shareholders, which altogether own 21.4 pct. In case of a successful acquisition, the German company will be delisted.