Tactical and technical

16 September 2010 By Fiona Maharg-Bravo

The Spanish construction group’s paper bid for the 70 pct of Hochtief it doesn’t own contains no premium. Hochtief investors may laugh. But the approach enables ACS to buy more shares in the market and perhaps, secure control. It will be up to the market to make ACS pay up.

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Spanish builder ACS plans a bid for the shares it does not already own in German construction group Hochtief via a nilpremium allshare deal. ACS said it would offer eight new ACS shares for every five Hochtief held.

The Spanish builders confirmed that it aimed to secure a stake of just over 50 percent in the German company in the future, but did not expect to do so with the current offer. ACS said the planned stake size was advantageous to both parties. Hochtief said it had received the offer and would make a recommendation to shareholders at an appropriate time.

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