ACS-backed Hochtief to acquire the remaining 21.42% stake in CIMIC Group for $1bn.

ACS-backed Hochtief, a construction company, offered to acquire the remaining 21.42% stake in CIMIC Group, an Australian infrastructure development company, for $1bn. On February 24, Hochtief has approved HOCHTIEF Australia's submission of the takeover offer to acquire each CIMIC share held by the free float shareholders of CIMIC other than Hochtief for $16 cash per CIMIC share.