ACS has decided to make a move to undertake a corporate operation. Thus, the company chaired by Florentino Pérez has decided, through the German construction company Hochtief, to launch a bid for its Australian subsidiary Cimic and is offering its shareholders 22 Australian dollars per share (14 euros) in cash for the 21.4% of the capital it does not own, which would mean a total outlay of around 940 million euros.
Hochtief said Wednesday in a statement sent to the Australian supervisor that the offer launched by the company has no conditions. The construction company currently has, through its subsidiary Hochtief Australia, a 78.58% stake in Cimic.
Hochtief Australia will launch the final delisting offer to acquire the minority stake in Cimic, which will allow Hochtief to increase its indirect stake in Cimic to 100%.
The maximum Hochtief Australia will have to pay for the 66.66 million Cimic shares will be EUR 940 million. To finance the takeover bid, Hochtief has agreed a transaction facility with a consortium of banks.