FINANCIAL NEWS

Qatar sells Germany’s Hochtief stake for USD614m

14 Oct 2015

(MENAFN) Spanish builder ACS has bought a 5.8 percent stake in Hochtief to raise its holding in the German group to 66.54 percent.

The shares were part of a placement by the Qatar Investment Authority (QIA), which divested its Hochtief stake of around 10 percent as part of a portfolio reshuffle.

QIA placed 7 million shares in Hochtief for USD87.56 apiece, fetching around USD614 million, it said in a statement.

Morgan Stanley had offered the shares in an accelerated bookbuilding with a guidance of USD86.99 to the market close of USD93.

The QIA has been reviewing its investment strategy as a result of lower oil prices and following the appointment of a new chief executive in December.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more