The news did little doubt for markets. Yesterday, ACS Spanish construction Group announced that it had exceeded the threshold of 30 of the capital of Hochtief, specifically at 30,34, its public offer of Exchange due on 29 December. Thus, it lifted a major obstacle to taking control of its German competitor. However, to claim victory if early.
Undecided shareholders have now until 18 January to bring their titles to Spanish, under an extension of the bid laid down in German law. And if some believe that the terms thereof, either 9 shares of ACS for 5 titles Hochtief, finally not suitable, it still one week of time to withdraw. In other words, supply will deliver its final verdict that end January.
By collecting this first stage 2.28 million shares is 3.08 of the capital, ACS saw his offer, even identified one step along the way, get only a very limited success. But this is enough to the happiness of the Spanish because if it continues beyond the 30 of detention, he will be in a second time acquire as much of what he wants at a price of the market to achieve a majority in the capital and without having to file mandatory offer.
A profitable German group
The Madrid group interest is with the hand on the German, it can reduce its exposure to its domestic market hit by the housing crisis and the austerity and boost its presence in the international. Hochtief is very present in North America and Asia-Oceania. And ACS will incorporate in its balance sheet a group very profitable, debt and recently even increase its liquidity following a capital increase placed with the Emirate of the Qatar. The German had hoped a moment that this manoeuvre on its capital would sufficiently puts control in the eyes of ACS. But it was not counting on the frond of the anglo-saxon funds, Southeastern Asset Management, against the management of Hochtief. Shareholder of reference of each of the groups, the Fund has made a providential package more 2 million Hochtief shares to Spanish. The Essen group suspected also concert action between Southeastern Asset Management and ACS and now hopes to involve the BaFin, the German stock market authority.
A ultimate manoeuvre which has little chance of succeeding, or the various acts of resistance launched by German since that started in mid-September this exciting stock market battle. Politics in Berlin and the financial regulator does he not come help. And, in Australia, the stock market authority refused to impose that a separate offer is made on the subsidiary Australian listed, Leighton, valued more than EUR 4 billion. In the contrary case, ACS, already in debt of some EUR 9 billion, would have had serious difficulties to win his bet.
To Hochtief, which has always considered the attack of the Spanish as "unfriendly", Madrid said that he wanted to keep the brand and the integrity of the German group. The next General Assembly of Hochtief next may promises to see clearer. The markets reacted weakly yesterday, seem to believe that the mass is already said: Hochtief action decreased from 0.54, to 63,91 euros in Frankfurt, when ACS assigned 2.23, to 34,41 euros in Madrid.
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