British-based building materials firm Hanson has accepted a takeover bid from German cement company HeidelbergCement in a deal worth £8 billion.
HeidelbergCement, the world's fourth largest cement company, has agreed to buy out Hanson for 1100p per share – a deal which will see the combined business become the second largest firm in its industry.
The cement firm currently employs about 46,000 people in more than 50 countries and generated revenues in 2006 in excess of €9 billion (£6.16 billion).
Hanson, one of the world's largest suppliers of heavy building materials to the construction industry, had a turnover of £4.1 billion in 2006.
However the new firm hopes to build revenues of about €15 billion (£10.2 billion) and more than 70,000 employees.
"We are delighted that Hanson has agreed to recommend our proposed offer," Dr Bernd Scheifele, chief executive of HeidelbergCement, said.
Describing the acquisition as a "perfect fit", he added that the firms shared "the same enthusiasm for operational efficiency and focus on adding long-term value - reflecting the exceptional dedication and capability of their respective employees and management teams".
"We believe that the combined business will be better able to respond to the evolving needs of its customers in the competitive and rapidly consolidating global building products industry," Dr Scheifele added.
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