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ACS's Hochtief offers 17.1 billion euro for Spain's Abertis

Published 18/10/2017, 14:45
© Reuters. Workers of German construction company Hochtief stand next to the company's logo in Essen

FRANKFURT (Reuters) - Hochtief (DE:HOTG), controlled by Spain's ACS (MC:ACS), said it was offering a total of around 17.1 billion euros (£15.2 billion) in cash and shares for Spanish toll road operator Abertis (MC:ABE).

It also said it aimed to increase its dividend payout ratio toward 90 percent of the net profit of a combined group of Hochtief and Abertis.

Hochtief's bid complicates a rival 17 billion euro offer by Italy's Atlantia (MI:ATL) launched in May. People close to the matter said last week that Atlantia was prepared to raise its offer to about 17.8 billion to top an expected rival approach.

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