29.07.2015 14:38:00

Hanson Limited -- Moody's changes outlook on HeidelbergCement's Ba1 to stable

Frankfurt am Main, July 29, 2015 -- Moody's Investors Service, ("Moody's") has today affirmed the provisional (P)Ba1/(P)NP MTN program ratings, and the Ba1 ratings on the senior unsecured notes of HeidelbergCement AG (HC) and its subsidiaries. Concurrently Moody's has affirmed the company's Ba1 Corporate Family Rating (CFR) and Ba1-PD Probability of default rating (PDR) and changed the outlook to stable from positive. The rating actions follow the announcement of HC's planned acquisition of a 45% stake in Italcementi (ITC) from its largest shareholder Italmobiliare (unrated) for a purchase price of approximately EUR1.67 billion which will be followed by a mandatory public cash offer to all remaining Italcementi shareholders for the same offer of EUR10.6 per share in cash. This offer would value 100% of Italcementi's equity at EUR3.7 billion. The transaction, which is expected to conclude during 2016, remains subject to customary and regulatory approvals and will likely require disposal of certain assets to meet potential antitrust requirements.

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