Hanson Agrees to $15.84 Billion Takeover by HeidelbergCement

U.K. building materials company Hanson confirmed it has agreed to and recommends a 1,100 pence per share cash takeover by Germany's HeidelbergCement valuing the company at about 8 billion pounds ($15.84 billion).

The acquisition, which will be made by HeidelbergCement's Lehigh unit, of 1100 pence per Hanson share represents a 50% premium to the average closing mid-market price of 734 pence per Hanson share for the 12 months to May 2.

In a separate statement, HeidelbergCement said it plans to issue up to 2 billion euro bonds and sell certain non-core activities to fund the purchase.