Hochtief, the German construction company controlled 51% by ACS, has launched a Public Acquisition Offer (OPA) to take over all the shares that it does not yet control of its subsidiary in Australia, Cimic, for a total amount of almost 1,000 million euros .
As reported by the German company, the offer for 21.42% of Cimic's capital is 22 dollars per title, which represents
a premium of 33%
compared to the 16.49 dollars at which Cimic was listed at the close of the market Australian this Wednesday.
However, the company was trading above $50 in 2019, before the outbreak of the Covid-19 pandemic.
In fact, its current value on the stock market is one of the lowest in the last decade.
Cimic currently capitalizes around 5,133 million euros and
Hochtief controls 78.58% of the capital
.
Part to get 100%, the multinational chaired by Florentino Pérez, through its German subsidiary, will have to buy 66.6 million shares for 940 million euros outside the market.
By taking over all the shares and keeping the value without floating capital, the company could stop trading.
A few months ago, Cimic announced that it was studying the IPO of its services subsidiary Ventia, which it manages together with the Apollo Global Management fund, for some 2,200 million euros.
In 2021, Cimic obtained a net profit of 402 million Australian dollars (253 million euros), which represents a drop of 35% compared to the previous year, as a result of the fact that in that year it entered 850 million euros from the sale of the 50% of his mining company Thiess.
Excluding this effect, profits would have been higher, as comparable profit in 2020 was $371 million.
However, the coronavirus crisis continued to affect the company, which in the years prior to the crisis made around 600 million profits annually.
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