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Spanish major shareholder ACS to consolidate Hochtief

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Bauarbeiter_auf_Traeger_bearbeitet_rgbFRANKFURT (Dow Jones) – Spain’s major shareholder ACS wants his stake in Hochtief AG in the balance and consolidate it has a voluntary takeover bid for the Essen- construction services provided. The goal is long term something more to receive 50 % of Hochtief, a spokeswoman for ACS , said the Thursday Dow Jones Newswires . (Photo : High- Low)

The increase should take place in two steps: first on the on the morning presented offer that a share swap provides and for the shareholders for every five Hochtief shares eight ACS – papers are to be given . It expects ACS " not necessarily " that the threshold is reached with the offer. Therefore did the Spanish buy Conglomerate shares on the market. The tender offer is be completed by end of 2010.

Hochtief said it had the announcement of a Takeover bid " took note " . The board check present the evidence and will in due time, a Declaration, a recommendation make to shareholders.
The offer is based on the average price of ACS the past three months and would Hochtief shares with 55.68 EUR and estimate a better result than the previous close of 56.31 EUR . The Market had been on publication of the bid in the late Morning was astonished by the " unattractive "conditions .
Just the Australian subsidiary of German construction group EUR 60 per share is worth , it was said by market participants. "I think that the Spaniards with this offer does not even have a share come from 50 % in Hochtief , "says an analyst , the including not to be named.
ACS did not want to Hochtief completely take over , said the Spokeswoman. An " unfriendly act "she concluded . Hochtief will listed remain , including the corporate headquarters remain in food.
For ACS and Hochtief , the transaction would be strategic sense making about the project financing. When tenders together act was a competitive advantage. Both companies had a multi -brand strategy. ACS was strong in South America, southern Europe or Africa positioned Hochtief in the Asia -Pacific and North America.
Together will we become the leading infrastructure group in the Western world , said ACS Chairman Florentino Perez in a statement.
Hochtief benefits from a stable , long -term Shareholders , it said further from ACS. Management Board and Supervisory Board of the Essen MDAX – company would be supported .
"ACS has been nearly four years anchor shareholder in Hochtief and is of value creation potential of the company convinced , "said Perez continued .
ACS , in March 2007 25 % of Hochtief for around 1.3 billion EUR accepted. An option for additional shares , the Group exercised in March 2009 and has since then 29.98% .
Shares of Hochtief played on the reporting day roller coaster. The paper that with the rise of takeover speculation had meanwhile climbed to an intraday high of 62.22 EUR , fell short time after the publication of the offer into the red. Against 15.31 Clock price rose by 4.4 % to 58.81 EUR .

Website: www.abcdesevilla.es

www.hochtief.de
-By Natalie Schwab , Dow Jones Newswires
+49 69 29725119 , natali.schwab @ dowjones.com
DJG / nas / brb / mrf