23 August 2007
Purchase of Hanson by HeidelbergCement successfully completed
The coming into effect of the scheme of arrangement completed the acquisition by HeidelbergCement of the British building materials manufacturer Hanson PLC. By the end of July, the Hanson shareholders had given their consent to the takeover bid at an Extraordinary General Meeting. The U.S. Federal Trade Commission and the European Commission granted their approval in the first week of August. Approval from the High Court of Justice in England and Wales was finally issued today. This means that HeidelbergCement now owns 100% of Hanson’s share capital.
“Since the submission of our bid on 15 May, only a little over three months have passed”, emphasises Chairman of the Managing Board Dr. Bernd Scheifele. “That must surely be a record, considering the scope and complexity of the transaction. We are proud that we were able to keep to our ambitious timetable and will, from now on, focus all our efforts on the integration of Hanson into our Group.”
HeidelbergCement and Hanson are a perfect fit. By acquiring Hanson, HeidelbergCement is significantly strengthening its positions in the aggregates business (sand and gravel). While HeidelbergCement has focused primarily on the cement business until now, Hanson is a leading company in aggregates and further downstream building materials. Likewise, the two companies complement each other excellently in terms of their geographical positioning. HeidelbergCement is strengthening its market positions in the important markets of North America and the United Kingdom on a long-term basis. In addition, HeidelbergCement is gaining a presence in new, attractive regions such as Australia, Malaysia, Israel and Spain, where it has, until now, had little or no representation.
On the strategic importance of the takeover of Hanson, Dr. Bernd Scheifele concludes: “Together, HeidelbergCement and Hanson are closing the gap on the leading global players, as the global market leader in aggregates and with leading positions in cement, concrete and further downstream activities. As a fully integrated building materials company, we are generating outstanding opportunities to strengthen the partnership with our customers.”