Alan Murray, Hanson's chief executive, will net at least £18.5 million after agreeing to a £7.85 billion takeover by Germany's HeidelbergCement, which could yet be scuppered by a third party intervention.

The £11.00 per share deal will create the world's second largest heavy industrials group, to be headquartered in Germany, with combined revenues of €15 billion (£10.2 billion) and over 70,000 employees. Shares in Hanson rose 3.45 per cent to £10.93½ in early trading.

Mr Murray, who joined Hanson in 1988, appears to be the only member of Hanson's board who has been offered a job in the new company, where he will head the combined group's US and Australian operation.

Mr Murray will reap £8.3 million from share options, Hanson's long-term incentive scheme and his own investment in Hanson as well as a pension worth £9 million.

Each of the company's directors is entitled to 12 months' salary, bonus and benefits on termination of their contracts at Hanson. Mr Murray earned a total £1.2 million in the last financial year.

Pavi Binning, the former finance director at Marconi, who joined Hanson on January 2, is expected to receive a full year's salary of £420,000 for just five months' work.

Hanson and HeidelbergCement, whose financing has been arranged and underwritten by Deutsche Bank and Royal Bank of Scotland, have agreed a break fee of £78.8 million, equal to one per cent of the total offer price.

However, speculation heightened this morning that a rival industrial group could attempt to break up the agreed deal between Hanson and HeidelbergCement. Mexico's Cemex is rumoured to be one potential bidder, although this month it agreed to pay $12.8 billion for Australia's Rinker.

LaFarge, the French owner of Britain’s Blue Circle and Redland, may face competition issues if it makes a move on Hanson.

Potential rivals may be put off by Hanson's substantial asbestos liabilities. It currently has 131,000 claims lodged against it in the US and has set up a seven-year liability fund to deal with the lawsuits.

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