Hochtief pension fund to sell Hochtief stake

Hochtief’s board of directors has approved the Hochtief Pension Trust’s decision to sell its three percent stake in the German company, worth just over €100m at yesterday’s share price.

The Hocthief Pension Trust,  German construction group Hochtief’s pension fund, is planning to sell its three percent stake in Hochtief, a decision already approved by the company’s board of directors.

The sale will take place from today until June 30 and aims to divest up to 2,100,950 shares in Hochtief, roughly three percent of its total capital. At yesterday’s closing price of €54.04 per share, the stake would be worth about €113 million.

The pension said in a statement that it will mandate a bank to conduct the sale. Spanish construction company ACS is Hochtief’s major shareholder with close to 30 percent of its capital. About 65 percent of Hochtief’s shares are in free-float.