Outcome Hochtief share tender to be announced early Feb

By Helen Wright19 January 2011

The outcome of Spanish contractor Actividades de Construccion y Servicios' (ACS) tender to grow its stake in German construction company Hochtief over the key 30% threshold is set to be announced on 3 February.

An ACS spokesperson confirmed that the extended acceptance period for the share offer would end at midnight today (18 January), and an initial announcement on the result was planned for 21 January.

However, there follows a seven working day period during which the pledged shares could still be bought back and traded elsewhere, and the final outcome of the takeover bid is therefore expected to be announced on 3 February, the ACS spokesperson said.

Europe's competition authority cleared the proposed hostile acquisition earlier this month.

The European Commission said the deal did not pose any competition concerns as the companies were largely active in different countries.

And on 1 December, 2010, German regulator BaFin gave the proposed takeover the green light.

ACS has already said that it has reached a 30,34% stake in its target - a key threshold under German takeover law. ACS has offered nine of its shares for every five in Hochtief.

ACS launched its all-share offer for Hochtief in September last year, explaining that it actually aimed only to increase its stake to slightly above 50% so that it could consolidate the company on its balance sheet, but still leave a substantial free float.

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