M&AIndustrialsRUMOURED
ACS Considers Launching Takeover Bid for German Subsidiary Hochtief
Acquirer
ACS
Target
Hochtief
Spanish construction group ACS, presided over by Florentino Pérez, is studying the possibility of launching a tender offer for its German subsidiary Hochtief. The group also contemplates a US stock market listing for its American subsidiary Turner.
✦ Meridian Analysis
ACS is weighing a tender offer for Hochtief, the German construction arm it already controls at more than 75 percent. The idea is still at the rumour stage; sources say the group has not committed to a formal bid and the discussions are in an early phase. ACS is evaluating a U.S. listing for Turner, the American contractor owned by Hochtief. The parties have declined comment.
ACS shares rose 2.4 percent and Hochtief shares rose 3.5 percent. The contemplated Turner IPO reflects a broader European trend of seeking U.S. market valuations, following examples like Ferrovial and Holcim.
Monitoring any formal announcement in the coming weeks will clarify the deal’s trajectory.
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