Nochi Dankner controlled IDB Holding Corp. Ltd. (TASE:IDBH) unit Clal Industries and Investments Ltd. (TASE: CII) announced this evening that it had signed an agreement to acquire to acquire Hanson Israelfor NIS 450 million.
Hanson Israel, owned by Heidelberg Cement plc (XETRA: HEI) , is the second largest building materials company in the country. It was founded 42 years ago, and has 23 concrete and cement manufacturing plants, three quarries, two asphalt plants, and a fleet of trucks. The acquisition is through Clal Industries unit Mashav.
The incentive for Clal Industries to buy Hanson Israel is presumably that Nesher Israel Cement Enterprises Ltd., the largest building materials company in Israel, is also held by Mashav, and it can be expected that there will be synergies between it and Hanson.
The deal to buy Hanson will need to be approved by the Antitrust Authority.
Mashav started negotiating to buy Hanson Israel in May.
Published by Globes [online], Israel business news - www.globes-online.com - on July 29, 2009
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