Russian bear may ask Heidelberg to dance

Heidelberg could be set for a takeover from Russian interests according to  CEO Bernhard Schreier at the company's annual general meeting.

The news comes after Heidelberg reported a "sluggish" period where its share price dropped by 35 per cent in the space of two months.

"From our shareholders' perspective, we have unfortunately been unable to meet our forecasts for the financial year and our share price has seen a significant drop," Schreier (pictured) said.

It also recently announced a series of 500 world wide job cuts.

Now, Schreier has warned that a takeover could be on the horizon.

"Many are looking at the company, and everyone knows the company's substance," he said to shareholders at the annual general meeting.

Russian investors could be a possibility to takeover the company, according to Schreier, who said that anti-trust regulations would make it impossible for a competitor to purchase Heidelberg.

"No competitor can take us, the market leader, over," he said. "That's impossible, for anti-trust issues."

Reflecting on the 2007-8 financial year, Schreier remarked that: "It was a year with considerable ups and downs."