Hochtief seeks Qatari help in ACS battle – magazine

FRANKFURT, Oct 24 (BestGrowthStock) – Qatar is in talks to take a
stake in Hochtief (HOTG.DE: ) to help the German builder fend off
an unwanted low-ball offer from Spain’s ACS (ACS.MC: ), German
weekly magazine Der Spiegel reported, citing no sources.

German Chancellor Angela Merkel arranged for Hochtief Chief
Executive Herbert Luetkestratkoetter to be introduced to Qatar’s
economy minister at a recent reception hosted by Germany’s
President Christian Wulff, the magazine said on Sunday.

A Hochtief spokeswoman said the report was speculative but
confirmed that the CEO had met the Qatari minister at the event.
[ID:nSGE69K0BV]

A spokeswoman for the German government said Hochtief was
discussed at the event but declined to say who had been part of
the talks.

According to Der Spiegel, Qatar has not yet made any
decision on whether to seek a stake in Hochtief. No one in
Qatar’s government was immediately available for comment.

ACS, headed by Real Madrid soccer club President Florentino
Perez, has said it will offer Hochtief shareholders eight ACS
shares for every five Hochtief shares they own, valuing the
German builder at about 3.7 billion euros ($5.2 billion).
($1.02 billion) to get a majority stake in Hochtief.

Luetkestratkoetter has said the offer is hostile and offers
no value for Hochtief, which has a market vaoue of 4.4 billion
euros. Hochtief has hired Credit Suisse (CSGN.VX: ), Goldman Sachs
(GS.N: ) and Deutsche Bank (DBKGn.DE: ) to work out a defence
strategy.

Hochtief and its Australian unit Leighton Holdings (LEI.AX: ),
of which it owns 54 percent, have already asked Australian
regulators to help them fend off ACS’s approach. [ID:nLDE69J0F2]

Germany’s Merkel has said she believes Hochtief should
remain based in Germany. Meanwhile, a German cabinet source has
told Reuters Berlin is considering tightening its takeover laws
in view of ACS’s acquisition attempt. [ID:nLDE69G0BQ]
[ID:nBAT005709] [ID:nLDE69E0G2]
(Reporting by Maria Sheahan, Anneli Palmen, Andreas Rinke and
Regan Doherty; Editing by David Cowell)
($1=.7187 Euro)

Hochtief seeks Qatari help in ACS battle – magazine