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Sunday, February 5, 2023
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Clifford Chance advises HOCHTIEF on takeover bid for CIMIC

HOCHTIEF, a subsidiary of ACS, has announced a takeover bid for the entire share capital of Australian company CIMIC, offering a cash price of A$22 per share

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ACS Group currently holds 78.58% of CIMIC’s share capital and targets its offer at the remaining shareholders holding 21.42%. On this basis, the amount offered to HOCHTIEF shareholders amounts to AUD1.46 billion (approx. €940 million).

A multi-jurisdictional team from Clifford Chance has advised HOCHTIEF on Legal aspects of the transaction, including commercial matters, negotiating and arranging the finance for the transaction and advising on takeover bid under Australian law.

Partners Luis Alonso (Corporate, Madrid) and Thomas Krecek (Corporate, Frankfurt) led a multi-disciplinary team supported by a number of the firm’s lawyers in Spain, Germany and Australia, including partners Epifanio Pérez (Finance, Madrid), Christian Vogel (Corporate, Frankfurt), Bettina Steinhauer (Finance, Frankfurt), David Clee (Corporate, Sydney) and Elizabeth Hundt Russell (Finance, Sydney).

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