ACS Hochtief construction company in Spain rejected the sweetened offer has all share, as insufficient on Friday and urged shareholders to reject it.
Germany's largest construction group, hard to stay independent after ACS, which has been hidden since September, the heat was introduced to improve its offer to over € 4900000000 (EUR 6.5 billion), Wednesday.
Not offered to the implied value of the consideration longer reflects the underlying value of Hochtief, the German construction group said in a statement on Friday.
The new offering - the values of the German € 63.26 per share, a decrease of 2.3 percent at the market price - in which investors will get nine instead of eight shares for every five shares ACS Hochtief.
ACS has to win before a new course shareholders Hochtief reluctantly part with their actions tried by it to wait until you have completed your offer before its interim dividend. This will enable shareholders its stake in ACS and may benefit from the cash payment.
HOCHTIEF's share was 1.1 per cent to € 64.54 from 1504 GMT. ACS was 1.35 percent down.
Hochtief said the new offer of ACS was still below the target prices analysts, on average, "which he said was of € 72.80 on Thursday.
A spokesman said the company would not comment on ACS rejecting the offer Hochtief.
Hochtief CEO Herbert Luetkestratkoetter examined a number of options to address the area of the ACS.
A few days after taking office officially opened this month, plunged into the capital of Qatar, which was a contribution of 9.1 percent of the company and the ACS share, which was about 30 percent.
Luetkestratkoetter move, one of the largest shareholders Hochtief, Southeastern Asset Management, the new shares were sold in Qatar at a cost of € 57 114 per piece complained angrily, said the investor, he was less than the value.
Southeast Asia, which included a 6.5 per cent in Spanish construction company, which has required a shift of 30 percent participation, take control of Hochtief, what about 2,000,000 shares, about 2.6 percent of the company, the predator Spanish.
"The ACS needs exceed approximately 2.1 million shares, the threshold of 30 percent ... ACS is expected to be able to overcome this major obstacle, but not other shareholders to consider exchange offer," said DZ Bank analyst Marc Nettelbeck . He sees the fair value of the shares in HOCHTIEF to 77 €.
If ACS is rising about 30 percent, so that the German takeover rules buying shares in the market. This allows the control of its German rivals take over, bringing their share to 50 percent without buying the entire company.
When their country of origin, the ACS is responsible for the debts, with over 9 million loans at the end of September.
Ownership of more than 50 percent of Hochtief, which owns one of the lowest rates of debt in the infrastructure sector, it would consolidate the German company ACS to its balance sheet, the economic recovery from a period of deep uncertainty the country.
Germany's largest construction group, hard to stay independent after ACS, which has been hidden since September, the heat was introduced to improve its offer to over € 4900000000 (EUR 6.5 billion), Wednesday.
Not offered to the implied value of the consideration longer reflects the underlying value of Hochtief, the German construction group said in a statement on Friday.
The new offering - the values of the German € 63.26 per share, a decrease of 2.3 percent at the market price - in which investors will get nine instead of eight shares for every five shares ACS Hochtief.
ACS has to win before a new course shareholders Hochtief reluctantly part with their actions tried by it to wait until you have completed your offer before its interim dividend. This will enable shareholders its stake in ACS and may benefit from the cash payment.
HOCHTIEF's share was 1.1 per cent to € 64.54 from 1504 GMT. ACS was 1.35 percent down.
Hochtief said the new offer of ACS was still below the target prices analysts, on average, "which he said was of € 72.80 on Thursday.
A spokesman said the company would not comment on ACS rejecting the offer Hochtief.
Hochtief CEO Herbert Luetkestratkoetter examined a number of options to address the area of the ACS.
A few days after taking office officially opened this month, plunged into the capital of Qatar, which was a contribution of 9.1 percent of the company and the ACS share, which was about 30 percent.
Luetkestratkoetter move, one of the largest shareholders Hochtief, Southeastern Asset Management, the new shares were sold in Qatar at a cost of € 57 114 per piece complained angrily, said the investor, he was less than the value.
Southeast Asia, which included a 6.5 per cent in Spanish construction company, which has required a shift of 30 percent participation, take control of Hochtief, what about 2,000,000 shares, about 2.6 percent of the company, the predator Spanish.
"The ACS needs exceed approximately 2.1 million shares, the threshold of 30 percent ... ACS is expected to be able to overcome this major obstacle, but not other shareholders to consider exchange offer," said DZ Bank analyst Marc Nettelbeck . He sees the fair value of the shares in HOCHTIEF to 77 €.
If ACS is rising about 30 percent, so that the German takeover rules buying shares in the market. This allows the control of its German rivals take over, bringing their share to 50 percent without buying the entire company.
When their country of origin, the ACS is responsible for the debts, with over 9 million loans at the end of September.
Ownership of more than 50 percent of Hochtief, which owns one of the lowest rates of debt in the infrastructure sector, it would consolidate the German company ACS to its balance sheet, the economic recovery from a period of deep uncertainty the country.
