ACS increases its control over Hochtief to 53.6% after signing an increase of 425 million euros

MADRID, 9 Jun. (EUROPA PRESS) -

ACS has increased its controlling interest in its German subsidiary, Hochtief, from the previous 50.4% to the current 53.6%, after subscribing a large majority of the new shares placed on the market by the company for a total amount of 425 million euros, through a capital increase.

Specifically, the Spanish construction company chaired by Florentino Pérez has subscribed 85% of the capital, as reported by the German company, which represents around 350 million euros, according to the price at which Hochtief shares closed yesterday.

This disbursement has affected the ACS stock market price, which at some times in the morning fell by 5.8%, which represents its biggest drop since November last year. However, as the hours passed, it has been recovering ground and its fall was limited to 3% after 12 noon.

After the bullish 'rally' that the company has experienced in recent weeks, the fall only returns it to the level at which it was trading just two weeks ago, around 26 euros per share. According to Sabadell analysts, the operation has a positive impact on ACS cash due to the 15% subscribed by other shareholders and raises the target price of ACS shares by 0.7%.

The Hochtief board of directors approved this increase on Wednesday and this Thursday has given more details about it, such as that it will be subscribed at a price of 57.5 euros per share and that ACS has promised to subscribe 85% of the total.

Although it is not specifically mentioned in the Hochtief statement, analysts understand that this capital increase is intended to partially refinance the Public Acquisition Offer (OPA) launched on the minority interests of its Australian subsidiary, Cimic, an operation valued at 940 million euros, as well as strengthening the capital base.