Germany’s Hochtief confirms $20 billion bid for Spain’s Abertis

German construction company Hochtief has confirmed a takeover bid for Spanish toll road operator Abertis.

The bid, made at 18.76 euros per share, equates to a total of 17.1 billion euros ($20.1 billion).

“Following the transformation of Hochtief over the last a few years the combination with Abertis can be the next strategic step,” said Marcelino Fernández Verdes, chairman of Hochtief ‘s Executive Board, in a press Discharge Wednesday.

from the same Discharge Hochtief estimated synergies arising through the tie-up would certainly sit between 6 along with also also 8 billion euros.

The German firm added of which the item expected the joint firm to reap significant business through growth in North American, European along with also also Australian markets. Hochtief claimed the item can be targeting a project pipeline from the value of 0 billion euros for the period 2018-2021.

Hochtief says the item will issue 24.79 million fresh shares to help fund any takeover.

The Spanish firm ACS can be the parent company of Hochtief. Following the announcement, shares in Hochtief rose more than 3 percent.

The latest bid rivals an earlier offer of 16.3 billion euros through Italian road toll firm Atlantia.

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