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H+H Drops as Court Bans Goldman Rival Takeover: Copenhagen Mover

March 15 (Bloomberg) -- H+H International A/S, which has been resisting a takeover from a rival controlled by Goldman Sachs Capital Partners since 2010, fell the most in 16 months in Copenhagen after a German court said it would prohibit a merger.

H+H fell as much as 21 percent, the most since November 2010, making it today’s biggest loser in the Copenhagen all-share index. The stock declined 9.7 kroner, or 17 percent, to 45.80 kroner at 10:12 a.m. in Denmark’s capital.

There are “several scenarios going forward but the take-over story receives a blow,” Handelsbanken Capital Markets, which has an accumulate recommendation on H+H shares, said in a note to clients.

The Danish maker of lightweight concrete said late yesterday the Bundeskartellamt issued a decision saying it would block Xella International GmbH taking over H+H within the German market. Copenhagen-based H+H said it will continue to pursue its strategy on “a stand-alone basis” even if Xella, which is controlled by Goldman’s private equity unit and Pai Partners, decides to appeal the court’s decision.

“After rejecting Xella’s contemplated takeover offer in November 2010, the board of directors embarked on a turnaround process for H+H which is now well under way,” the Danish company said. Xella had submitted a pre-merger notification with H+H to competition authorities in the E.U. and Germany without the involvement of H+H, it said.

To contact the reporter on this story: Christian Wienberg in Copenhagen at

To contact the editor responsible for this story: Tasneem Brogger at

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