Cement offer

01 May 2008

Spohn Cement has launched a 60 per share takeover bid for Germany's largest cement producer, Heidelberg Cement. The offer, which is +19% above Heidelberg's opening share price on the day the bid was announced, values it at € 6.52 billion. The bid is backed by one of Germany's richest men, Adolf Merckle, who already owns shares in both Spohn and Heidelberg. A statement from Heidelberg's Board said the bid was “adequate” and that it “welcomes the takeover bid”, which “it feels strengthened and supported [its] strategy”.

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