Alan Murray, the long-serving chief executive of Hanson, could reap a £22 million windfall if HeidelbergCement, of Germany, makes a full bid for the building materials group.

As well as a payoff worth about £1.3 million, Mr Murray could also cash in shares held in a share option plan for a profit of £2.8 million. His ordinary shareholding is worth about £3.7 million and the chief executive is also entitled to shares held under a long-term investment plan. He holds more than half a million that are worth about £5.6 million. Mr Murray’s pension is worth just over £9 million, according to the company’s last annual report.

Mr Murray and Mike Welton, the chairman, are being advised by NM Rothschild and its broker Hoare Govett. They are receiving legal advice from Freshfields Bruckhaus Deringer.

HeidelbergCement, which had been buying shares in Hanson in the open market, was forced last Thursday to release a statement to the London Stock Exchange confirming that it was considering a bid for the company.

HeidelebergCement, Germany’s biggest cement maker and the world’s fourth-largest, told investors yesterday that it had tripled its net income in the first quarter after a mild European winter had fuelled demand in the building sector.

Bernd Scheifele, its chief executive, said that he did not anticipate counterbids from competitors such as Lafarge, the world’s largest cement producer, which bought Blue Circle, of Britain, in 2001.

HeidelbergCement said that it was still “reviewing its options” regarding an approach for Hanson, which has a market value of £7.5 billion.

Hanson and HeidelebergCement are understood to have held informal talks over the past couple of weeks.

Hanson shares closed yesterday up 17½p at £10.47½p.

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