HeidelbergCement AG (HEI) seeks to reduce its debt by about 16 percent to 6.5 billion euros ($7.96 billion) in an effort to boost its credit rating and share price, the Frankfurter Allgemeine Sonntagszeitung said, citing an interview with Chief Executive Officer Bernd Scheifele.
Debt reduction is the top priority and the time isn’t right for bold acquisitions, the Frankfurt-based newspaper quoted Scheifele as saying in today’s edition.
HeidelbergCement cut debt by 7 billion euros to 7.7 billion euros in the four years ending 2011, Scheifele told the newspaper. He didn’t say when the company aims to reach the target of 6.5 billion euros.
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