We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 13 Oct 2015 02:09 PM

Font Size

- Aa +

Qatar raises $614m by selling stake in Germany's Hochtief

Spanish builder ACS buys 5.8% stake in Hochtief after Qatar Investment Authority divests interest as part of portfolio reshuffle

Qatar raises $614m by selling stake in Germany's Hochtief
The headquarters of Qatar Investment Authority.

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 77 euros apiece, fetching around 540 million euros ($614 million), it said in a statement.

Morgan Stanley had offered the shares in an accelerated bookbuilding with a guidance of 76.50 euros to the market close of 81.78 euros.

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.

It sold a 1.1 percent stake in French construction group Vinci last week.

Arabian Business digital magazine: read the latest edition online

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.