Qatar Holding acquires $530m stake in Hochtief

06 Dec 2010

(MENAFN) Qatar Holding LLC, a state-backed investment company announced that it has acquired a 9.1 percent minority stake in Germany-based construction company, Hochtief AG, for $530 million, AP reported.

The purchase comes as Spanish construction firm ACS, which already owns a 30 percent stake in Hochtief, is attempting to take over the company.

Hochtief has opposed the takeover, saying it does not add any value for shareholders, and the Qatar deal was set in an effort to dilute ACS’ existing 30 percent stake.

In a combined effort from Hochtief and Qatar holding, both companies have agreed to solidify the existing cooperation and to explore further areas for strategic cooperation amongst them.

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