Today’s recommended bid for Hanson says two things.

First, shareholders have to be thankful to the chief executive, Alan Murray. Secondly, where’s there’s muck there’s brass.

Mr Murray took over in 2002 and within months its share price slipped to less than 300p as worries of a downturn in the US building market and concerns about asbestos liability took their toll.

Today the company is riding high from the US commercial construction boom, less exposed to the troubled US residential homes market, and asbestos-related claims are reducing in volume.

The £11-a-share recommended cash offer is a 50 per cent premium to the average price of Hanson shares over the past 12 months and worth more than 12 times headline earnings.

Shareholders will take their cash with a smile and could do worse than investing back into Wolseley, CRH and Ennstone.

Brass should come their way again.

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