Electra to buy Hanson

Electra to buy Hanson

Electra Ltd, controlled by Salkind through Elco Holdings Ltd, plans to acquire cement company Hanson Israel Ltd for NIS 425 million. In a notice to the Tel Aviv Stock Exchange, Electra said that it has begun due diligence. The parties have agreed to conduct exclusive negotiations on a deal during a time frame to be determined. Germany's Heidelberg Cement AG owns Hanson Israel. In late 2009, the Antitrust Authority rejected an attempt by Nochi Dankner-controlled Nesher Israel Cement Enterprises Ltd to acquire and merge with Hanson Israel for NIS 250 million. IDB unit Clal Industries and Investments Ltd owns 75 per cent of Nesher and Ireland's CRH Plc owns 25 per cent. Hanson Israel produces and imports cement, plaster products, asphalt, and aggregates for the construction industry. The company has an independent logistics and transportation network.

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