Link Securities | The company continues to consolidate its shareholding position in the German construction company Hochtief, increasing its control position thanks to the purchase of shares in the subsidiary and thus approaching the threshold of 80% of the German company’s capital. Specifically, and as reported yesterday by the newspaper Expansión, ACS already controls 79.1% of the German construction company after the latest financial investments made. In this regard, Expansión recalls that in 1Q24 ACS invested another €50 million in Hochtief.
The newspaper points out that this takeover of positions in Hochtief coincides with ACS’s corporate reorganisation process, which aims to simplify the structure and obtain synergies with the integration of businesses. Until now, the purchase of shares in the German subsidiary has been more of an opportunistic move, taking advantage of the value of the shares and the growth prospects of the group, which this year has approved the distribution of a dividend of €4.4 per share, 10% more than the previous year. ACS is the largest beneficiary of the €300 million distributed among the German company’s shareholders.
In 2023, the newspaper recalls that ACS invested more than €300 million in the German construction company, and that the company already announced at the beginning of this year that it would continue to grow in the capital of the same for strategic and opportunistic reasons, since the profitability in Hochtief, in which it entered in 2006 with a first block of 25%, is 14%.
