Atlantia sells Hochtief stake to ACS for 578 mln euros

MILAN, Sept 15 (Reuters) – Italy’s Atlantia (ATL.MI) stated on Thursday it had offered its 14.46% stake in Hochtief (HOTG.DE) to Spanish ACS (ACS.MC) for 577.8 million euros ($576.9 million), 51.43 euros per share, because the Italian infrastructure group pushes forward with divesting non-core property.

The settlement with ACS additionally envisages a provision ought to ACS promote the shares acquired from Atlantia at a better worth to a 3rd occasion within the 12 months after the closing of the deal.

In Frankfurt, shares in German constructing firm Hochtief spiked after the deal was introduced to match the value agreed. ($1 = 1.0016 euros)

Reporting by Maria Pia Quaglia
Editing by Keith Weir

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