Germany's leading cement maker, HeidelbergCement, announced Tuesday that it has made a 7.85 billion pound (15.54 billion dollar) takeover bid for British building materials supplier Hanson.

HeidelbergCement is willing to pay 11 pounds per Hanson share, the company said in a statement. According to the statement, the offer was well received by Hanson’s board.

The German company said it expected the takeover to be completed in the third quarter of 2007, pending to approval by competition authorities in the European Union, the United States and Canada.

HeidelbergCement Chief Executive Bernd Scheifele said the deal would be funded with debt, new stock and some disposals. HeidelbergCement initially plans to finance the takeover through credits made available by Deutsche Bank and Royal Bank of Scotland, the company said. It said it would sell off some of its assets to pay off the credits.

"We are delighted that Hanson has agreed to recommend our proposed offer," HeidelbergCement chief executive Bernd Scheifele said in the statement. “It's a defining moment,'' Scheifele told journalists. “The companies are a perfect fit and overlaps are minimal. Hanson strengthens our operations in the US, UK and Europe and adds a business in Australia.''

Shares of Hanson rose 3.3 percent to 1,092 pence (21.64 dollars) in London while shares of HeidelbergCement rose 0.3 percent to 118.14 euros (160.07 dollars) in Frankfurt.