Holcim makes £1.8bn 企て，努力，提案 for Aggregate

By Jim Armitage
Updated: 09:03 BST, 12 January 2005

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QUARRIES 巨大（な） Aggregate 産業s stunned markets today with news of a £1.78bn 引き継ぎ／買収 approach from スイスの group Holcim.

The world number two in 固く結び付ける is considering 申し込む／申し出ing 138p a 株 for Aggregate, run by the charismatic Peter Tom, ow ner of Leicester Tigers rugby club, for some 20 years.

Aggregate is 'minded to recommend' an 申し込む／申し出 at that level. Only last March, the 株 were 貿易（する）ing as low as 80?p. Holcim's 申し込む／申し出 would value Aggregate at a 34% 賞与金 to its 普通の／平均（する） 株 price in the past month.

It is the second mega-引き継ぎ／買収 取引，協定 to light up the City in 2005, after 基準 借り切る／憲章d 急襲するd on Korea First Bank for £1.78bn.

It also follows Britain's RMC 存在 taken over by Cemex of Mexico for £2.3bn last September. That left Aggregate as the last major UK building 構成要素s group for bigger predators to buy apart from Hanson, which is beset by asbestosis （人命などを）奪う，主張するs.

Holcim said its next move depended on the 結果 of a 予定 diligence review and 強調する／ストレスd there could be no certainty about the 結果 of the 企て，努力，提案 会談. However, it is believed that 交渉s are very 前進するd. 含むing 負債, the 申し込む／申し出 has an 企業-value of £2.39bn. That means it values Aggregate at 9.4 times its 推定する／予想するd underlying 収入s for 2004 compared with the 7.9 times 収入s 存在 paid by Cemex for RMC.

Aggregate has long been considered too small to remain 独立した・無所属. Holcim last year had sales of 12bn スイスの フランs (£5.4bn) compared with Aggregate's £1.46bn turnover for 2003.

Aggregate 供給（する）s more than 80m tonnes of 石／投石する, asphalt and other building 構成要素s to the construction 産業 every year, but has seen the 証拠不十分 of the dollar 攻撃する，衝突する 利益（をあげる）s in its growing North American 商売／仕事.

Tom has 追求するd an 積極的な 拡大 戦略 across the 大西洋, although Aggregate still derives half of its 商売／仕事 from the UK. Last year, British 操作／手術s were 攻撃する，衝突する by the wet 天候.

Tom's 9m 株 in the 商売／仕事 would be 価値（がある） some £12m if the 企て，努力，提案 goes through.

にもかかわらず its size, a link-up with Holcim is not 推定する／予想するd to 関心 monopoly regulators. The スイスの 巨大（な） is biggest in 現れるing markets such as Latin America and has few 操作／手術s in the UK. Its US 商売／仕事s have littl e overlap with Aggregate's.

分析家s said there was a chance of a 反対する-企て，努力，提案 from building 構成要素s 巨大（な）s Lafarge of フラン, Heidelberger of Germany or Ireland's CRH.

Any 取引，協定 would see Aggregate turning from hunter to 追跡（する）d. It comes just months after it walked away from a 企て，努力，提案 for the Ennstone building 構成要素s group.

It is 推定する／予想するd most of the 管理／経営 would continue in place at the 連合させるd company.

Citigroup is 事実上の／代理 for Holcim, while Aggregate is using Greenhill.

In 早期に 貿易（する）ing Aggregate 株 were up 28?p at 142?p.