HeidelbergCement to buy out Anneliese minority

HeidelbergCement to buy out Anneliese minority
Published: 20 September 2004

HeidelbergCement is offering one of its own shares plus a cash payment of €19.00 for every two Anneliese shares, with a cash alternative of €27.50 per Anneliese share for the outstanding minority shareholders in the Westphalian cement producer Anneliese Zementwerke.  Since acquiring the 48.8% stake in Anneliese Zementwerke held by Dyckerhoff in 2003, HeidelbergCement has controlled the company and currently holds 97.4% of the equity. HeidelbergCement intends to compulsory acquire any outstanding Anneliese shares following the passing of a squeeze out resolution at a forthcoming EGM of Anneliese Zementwerke.  Taking full control of its Westphalian subsidiary will facilitate the rationalisation of the various interests held by HeidelbergCement in the fragmented North-Rhine Westphalian cement market.