EU approves Spohn buy of HeidelbergCement

EU approves Spohn buy of HeidelbergCement
Published: 07 September 2005

The takeover vehicle of German billionaire Adolf Merckle, Spohn Cement, and its affiliates won permission on Wednesday from the European Commission to take over HeidelbergCement.

The approval was granted under the Commission’s simplified procedure, used when neither competitors nor customers raise objections. Spohn said in a statmeent last month it held 76 percent of the company’s shares.

The Merckle family, which has held HeidelbergCement shares for decades, made the bid to protect its investment from potential takeover as the global cement industry consolidates. Spohn has said it has no plan to make wholesale changes to the group’s business plans.