BERLIN (dpa-AFX) - German construction major Hochtief AG (HOCFF.PK) decided to launch a voluntary public takeover offer for all outstanding shares in Abertis Infraestructuras, S.A., with seat in Madrid, Spain. The total amount of the consideration offered is about 17.10 billion euros, excluding treasury stock of Abertis Infrastructuras, S.A.
Abertis Infraestructuras, S.A. is a company listed in Spain that operates various toll road and telecommunication businesses in Europe, the Americas and Asia.
Hochtief noted that the consideration offered to shareholders in Abertis Infraestructuras will consist of 18.76 euros for each share in Abertis Infraestructuras or of 0.1281 shares in HOCHTIEF for each share in Abertis Infraestructuras, respectively. The total amount of the consideration offered is about 17.10 billion euros, excluding treasury stock of Abertis Infrastructuras.
The takeover offer will be conditional upon approvals from antitrust authorities and other necessary regulatory approvals, a minimum acceptance threshold of 50% of the total share capital of Abertis Infraestructuras, S.A. plus one share and a minimum take-up of 193.53 million of the shares in Abertis Infraestructuras, S.A. that opt for the consideration consisting of shares in HOCHTIEF.
The executive and supervisory boards of HOCHTIEF have resolved on a new dividend policy with regard to the envisaged business combination with Abertis Infraestructuras, S.A. Going forward, HOCHTIEF Aktiengesellschaft targets to increase the dividend pay-out ratio towards 90% of the distributable net profits of the combined group consisting of HOCHTIEF and Abertis Infraestructuras, S.A., subject to continuing to target an investment grade credit rating by Standard & Poor's.
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