HeidelbergCement AG has placed advertisements in the German Boersen-Zeitung stating that Adolf Merckle and the Koetitzer Ledertuch und Wachstuch Werke AG both reduced their shareholding in the cement maker below the 10 per cent level. It said that Merckle informed HeidelbergCement on June 16 that his shareholding declined to four per cent from an unspecified amount in excess of 10 per cent.
Koetitzer Ledertuch und Wachstuch Werke informed HeidelbergCement on June 15 that its shareholding declined to 0.13 per cent from an unspecified amount in excess of 10 per cent. Neither of the sellers stated who purchased its shares. On June 12, Spohn Cement GmbH announced a Euro 60 per share takeover bid for HeidelbergCement AG, which is reportedly backed up by private investor Adolf Merckle.