HeidelbergCement to increase capital
HeidelbergCement, the German cement products group, is increasing its capital by 4.4 million shares, to the exclusion of independent shareholders. Substantial shareholder Adolf Merckle will acquire the share package at 114 euros per share through his asset management company VEM Vermogensverwaltung.
It is estimated that the transaction will bring in equity of around 500m euros for HeidelbergCement, which, it is reported, will contribute towards the refinancing of the company’s purchase of UK building materials group Hanson. HeidelbergCement yesterday saw its share price slip slightly to 118.15 euros. Published under Cement News
