Spanish construction group Actividades de Construccion y Servicios (ACS) has launched an all-share bid for the 70% of Hochtief it does not already own, but said it is targeting a controlling stake of just over 50%. The Spanish group is offering eight ACS shares for every five of the German builder.
Spanish construction group Actividades de Construccion y Servicios (ACS) has launched an all-share bid for the 70% of Hochtief it does not already own, but said it is targeting a controlling stake of just over 50%. The Spanish group is offering eight ACS shares for every five of the German builder.
Hochtief said 'its executive board is evaluating the situation and will be making an announcement with its response and advice to shareholders as soon as appropriate'. The bid values the German group at EUR 3.9 bn, which is slightly above the legally required minimum average share price of the past three months.
ACS bought a 25% stake in Hochtief in 2006 representing an investment of nearly EUR 1.3 bn in a major effort to seek European expansion.
Hochtief reported a 28% increase in new orders in the first six months of 2010, amounting to a total of almost EUR 13 bn, compared to EUR 10 bn in the same period last year.
