FRANKFURT (Reuters) - Hochtief (HOTG.DE), controlled by Spain’s ACS (ACS.MC), said it was offering a total of around 17.1 billion euros ($20.1 billion) in cash and shares for Spanish toll road operator Abertis (ABE.MC).
It also said it aimed to increase its dividend payout ratio toward 90 percent of the net profit of a combined group of Hochtief and Abertis.
Hochtief’s bid complicates a rival 17 billion euro offer by Italy’s Atlantia (ATL.MI) launched in May. People close to the matter said last week that Atlantia was prepared to raise its offer to about 17.8 billion to top an expected rival approach.
Reporting by Maria Sheahan; Editing by Douglas Busvine