HeidelbergCement AG (HEI) will look at assets that come on the market after the merger of two U.S. rivals, Frankfurter Allgemeine Zeitung said, citing an interview with Chief Executive Officer Bernd Scheifele.
HeidelbergCement is not planning a counter offer for Vulcan Materials Co. (VMC) after Martin Marietta Materials Inc. (MLM) bid for the U.S. company, Scheifele said, according to the German newspaper. The manager doesn’t expect any other big deals in the industry as the leading companies lack the financial firepower and banks aren’t lending that kind of money, FAZ said.
Earnings in Germany have not met the company’s expectations because pricing pressure in the country has not abated, the newspaper cited Scheifele as saying.
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