HeidelbergCement to take over Teutonia

HeidelbergCement has agreed to buy a stake in Teutonia Zementwerk and is offering to buy all outstanding shares, HeidelbergCement said on Friday. HeidelbergCement will offer owners of Teutonia’s listed preference shares Euro 270 per share, and owners of Teutonia’s common shares Euro 660 per share, the group said in a statement.

HeidelbergCement said it had on Friday agreed to buy 76.6 percent of Teutonia’s common stock and 13.4 percent of its preference shares from several Teutonia shareholders. Teutonia preference shares traded at Euro 240 per share on Friday. The deal is subject to approval by Germany’s cartel office, it said.