HOCHTIEF has today announced the submission by its Australian subsidiary of an unconditional and final off-market takeover offer to acquire each CIMIC shares held by the free float shareholders for AU$ 22 cash per CIMIC share. The Offer can lead to HOCHTIEF increasing its indirect shareholding in Australian Company CIMIC, which is currently of approximately 78.58% to up to 100%. On this basis, the maximum aggregate amount of cash consideration that HOCHTIEF would be required to pay under the offer is expected to amount to AU$1.46 billion (approx. EUR 940 million). HOCHTIEF has financed this transaction by entering into a transaction facility with a consortium of banks.
A multijurisdictional Clifford Chance team including lawyers from Spain, Australia and Germany led the advice to HOCHTIEF on all legal fronts which included Corporate aspects, Australian takeover regulations and finance advice.
The team was led by Corporate partners Luis Alonso (Madrid) and Thomas Krecek (Frankfurt), with the support in Spain by Finance partner Epifanio Pérez; in Germany by Corporate partner Christian Vogel and Finance partners George Hacket, Philipp Klöckner and Bettina Steinhauer; and in Australia by Corporate partners David Clee and Jacob Kahwaji and Finance partner Elizabeth Hundt Russell.
