Cartel Office authorises acquisition of Teutonia, Germany

Cartel Office authorises acquisition of Teutonia, Germany
29 April 2005

HeidelbergCement obtained authorisation from the Federal Cartel Office to purchase the majority share in the Lower Saxony cement company Teutonia Zementwerk AG, Hanover.

The acquisition had already taken place in December 2004, subject to consent of the cartel authorities. A purchase agreement concluded on 10 December 2004 entitled HeidelbergCement to acquire around 76.6% of the ordinary shares and around 13.4% of the preference shares, corresponding to approximately 51.7% of the share capital.

This was followed by a public tender offer. HeidelbergCement submitted a tender offer to the ordinary and preference shareholders of Teutonia Zementwerk AG for the acquisition of all ordinary and preference shares of Teutonia Zementwerk AG.

After the successful conclusion of this public tender offer on 19 April 2005, HeidelbergCement now holds around 99.4% of the voting rights and around 91.7% of the share capital of Teutonia Zementwerk AG.

Teutonia operates a cement plant and a grinding plant in Hanover – with a capacity of 0.9Mt – and has 146 employees.

Published under Cement News