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.

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