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Heidelberg Cement and Spohn Cement Takeover

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Jul 12 2005

The Managing Board and Supervisory Board of HeidelbergCement AG have commented on the takeover bid from Spohn Cement GmbH in separate statements published today. In its thoroughly justified statement, the Managing Board welcomes the takeover bid. It feels strengthened and supported in its strategy by the aims of Spohn Cement as expressed in the bid document.

The Managing Board regards the bid price of EUR 60 per share as adequate. It bases this on a fairness opinion issued by the investment bank Goldman Sachs. The fairness opinion is appended to the published statement, with an indication of the assumptions and limitations to which it is subject.

In a separate statement, the Supervisory Board concurred with the Managing Board’s assessment of the takeover bid.

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