Hochtief AG said Qatar Holding LLC aims to own almost 9.1 percent of the German builder after a capital increase, as Hochtief battles a takeover bid by Spanish competitor ACS SA, its biggest shareholder.
Hochtief will increase its capital stock by about 10 percent by issuing stock at 57.114 euros each, according to a statement today. The total investment by Qatar of almost 400 million euros ($534 million) will “strengthen the financial position and provide latitude for the announced further growth” after a canceled bond sale, Hochtief said.
The announced capital increase would dilute the 29.98 percent stake held by ACS, whose full name is Actividades de Construccion y Servicios. ACS won approval from Germany’s financial regulator last month for its 2.7 billion-euro ($3.6 billion) bid for Essen, Germany-based Hochtief, which has fought the offer, saying doesn’t provide value for shareholders.
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