(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.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.