May 7, 2020 / 5:07 AM / 20 days ago

HeidelbergCement slashes dividend as coronavirus impact bites

FRANKFURT, May 7 (Reuters) - HeidelbergCement slashed its dividend proposal as part of a 1 billion euro ($1.1 billion) cost-cutting move aimed at protecting the world’s second-largest cement maker from the impact of the coronavirus pandemic.

The group proposed to slash the dividend to 0.60 euros for 2019, down from a 2.20 euro per share proposal made in March.

“In view of the scope and extent of the Corona crisis and the still high level of uncertainty regarding future developments, HeidelbergCement has decided to suspend the progressive dividend policy for the time being. The aim is to maintain the good financial profile,” the group said. ($1 = 0.9262 euros) (Reporting by Christoph Steitz Editing by Michelle Martin)

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