Hanson to take full ownership of MQP
Hanson UK exercise right to acquire remaining shares in Midland Quarry Products from Tarmac
HANSON UK are to take full ownership of the Leicestershire-based asphalt and quarrying business Midland Quarry Products Ltd (MQP).
Hanson, part of the HeidelbergCement Group, already own 50% of MQP and are exercising their contractual pre-emption right to acquire the remaining shares from Tarmac Ltd. The transaction is scheduled for completion on 2 April 2013.
Tarmac (now part of Lafarge Tarmac) announced in November that they had entered into an agreement to sell their stake in MQP to Hope Valley Holdings, a subsidiary of Mittal Investments, as one of the conditions required by the Competition Commission to provide final clearance for the formation of the joint venture with Lafarge.
However, this agreement was always subject to MQP’s Articles of Association, which gave Hanson a right to pre-empt any sale of shares by matching the price agreed with Hope Valley Holdings.
Hanson UK’s chief executive officer, Patrick O’Shea, said: ‘We are taking this opportunity to assume full ownership of MQP. It is a strong and well-run business with good people and good assets, and is well placed to benefit from an upturn in construction activity.
‘We plan to develop and grow the business and maintain and build on its high levels of product quality and customer service.’
Mr O’Shea added that MQP would retain its identity and continue to be run independently with Simon Willis as managing director. ‘The message to employees and customers is that it will be business as usual,’ he said.