HeidelbergCement Explores Sale Of $1.5 Bln U.S. Assets: Report
BERLIN (dpa-AFX) - HeidelbergCement AG is exploring the sale of U.S. assets, which could fetch about $1.5 billion, Bloomberg reported citing people familiar with the matter.
The German cement maker is reportedly working with Morgan Stanley on the sale of the operations in California.
HeidelbergCement s advisers have approached competitors including LafargeHolcim Ltd, Summit Materials Inc., and Martin Marietta Materials Inc. The company expects to receive first-round bids early next year, the report said.
In July, HeidelbergCement said that it would record a 3.4 billion euros of asset impairment in the second quarter, due to Brexit and the impact of the coronavirus pandemic on its business. The company noted that about two thirds of the impairments relate to the portfolio of assets acquired as part of the Hanson acquisition, around one fifth relate to the Italcementi acquisition. Overall, around half of the impairments
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HeidelbergCement Explores $1.5 Billion U.S. Asset Sale
This content was published on December 23, 2020 - 08:16
December 23, 2020 - 08:16
(Bloomberg) HeidelbergCement AG is exploring the sale of U.S. assets as Chief Executive Officer Dominik von Achten seeks to divest peripheral businesses, according to people familiar with the matter.
Germany’s largest cement maker is working with Morgan Stanley on the sale of the operations in California, the people said, asking not to be identified because discussions are private. The unit could fetch around $1.5 billion, the people said.
HeidelbergCement’s advisers recently sent initial marketing documents to potential buyers, according to the people. They have approached rivals including Martin Marietta Materials Inc., Cemex SAB, CRH Plc, Summit Materials Inc. and LafargeHolcim Ltd., as well as other cement makers in emerging markets like China and Latin America, they said.
Martin Marietta Materials, Inc (NYSE:MLM), Summit Materials (NYSE:SUM) - Why Morgan Stanley Likes Martin Marietta Materials benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.