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    CIM   AU000000CIM7

CIMIC GROUP

(CIM)
  Report
Delayed Australian Stock Exchange  -  02:10 2022-05-06 am EDT
22.00 AUD   -.--%
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HOCHTIEF Australia Holdings Limited completed the acquisition of 21.42% stake in CIMIC Group Limited.

05/11/2022 EDT

HOCHTIEF Australia Holdings Limited made an offer to acquire remaining 21.42% stake in CIMIC Group Limited (ASX:CIM) for AUD 1.5 billion on February 23, 2022. As per the transaction, HOCHTIEF Australia Holdings Limited will acquire 66,665,467 shares of CIMIC Group Limited at AUD 22 per share. To finance the payment obligation in respect of the offer, HOCHTIEF Australia Holdings Limited has entered into a transaction facility with a consortium of banks. HOCHTIEF board has approved the transaction. On March 11, 2022, a supplementary offer document was released which was approved by HOCHTIEF Australia Holdings and the offer price offered will not be changed. If HOCHTIEF Australia becomes entitled to exercise compulsory acquisition rights in respect of outstanding CIMIC Shares, HOCHTIEF Australia would need to, during the offer period, acquire a further approximately 12.64% of CIMIC Shares (increasing the percentage of CIMIC shares in which it has a relevant interest to approximately 95.79%). As of April 12, 2022, HOCHTIEF Australia now has a relevant interest of 94.68% in CIMIC as a result of further acceptances of its off-market takeover offer and it intends to proceed to compulsory acquisition of remaining CIMIC shares at the current offer price after offer period. As of April 29, 2022, HOCHTIEF Australia will proceed for compulsory acquisition of remaining shares after expiry of offer period on May 10, 2022, for same offer price of AUD 22 per share.

Following the announcement of the offer, the CIMIC Board of Directors established the Independent Board Committee (IBC), comprising independent directors Russell Chenu and Kate Spargo, with responsibility for considering, evaluating and responding to the offer. CIMIC's Independent Board Committee (IBC) will set out its views in relation to the offer in a target's statement and has appointed Grant Thornton Corporate Finance Pty Ltd as independent expert and it will publish its report on March 28, 2022. CIMIC shareholders do not need to take any action in respect of the offer at this stage. The Independent Expert has concluded that the offer is fair and reasonable to CIMIC Shareholders other than HOCHTIEF Australia. The IBC unanimously recommends that CIMIC Shareholders accept the offer in the absence of a superior proposal. The offer commence on March 10, 2022 and will close on April 11, 2022. As of April 11, 2022, HOCHTIEF Australia has extended the period during which the offer will remain open so that the offer will now close on April 26, 2022. As of April 26, 2022, offer will now close on May 10, 2022. As of May 2, 2022, the offer period will not extend and end on May 10, 2022. As of May 6, 2022 CIMIC Group Limited has been suspended from quotation at the close of trading. As of May 11, 2022 CIMIC Group Limited (‘CIM') will be removed from the Official List at the close of trading.

Luis Alonso, Thomas Krecek, Epifanio Pérez, Bettina Steinhauer, Christian Vogel, David Clee, Elizabeth Hundt Russell and Jacob Kahwaji of Clifford Chance acted as legal advisor and J.P. Morgan SE acted as financial advisor to HOCHTIEF Australia Holdings Limited. Gilbert and Tobin acted as legal advisor and Oaktower Partnership Pty. Ltd. acted as financial advisor to Independent Board Committee of CIMIC Group Limited. Grant Thornton Corporate Finance Pty Ltd provide fairness opinion to CIMIC group. Computershare Investor Services Pty Limited acted as transfer agent of HOCHTIEF Australia.

HOCHTIEF Australia Holdings Limited completed the acquisition of 21.42% stake in CIMIC Group Limited (ASX:CIM) on May 11, 2022.


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Financials
Sales 2021 9 687 M 6 652 M 6 652 M
Net income 2021 402 M 276 M 276 M
Net Debt 2021 775 M 532 M 532 M
P/E ratio 2021 13,1x
Yield 2021 4,62%
Capitalization 6 849 M 4 636 M 4 703 M
EV / Sales 2020 0,99x
EV / Sales 2021 0,62x
Nbr of Employees 24 539
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Managers and Directors
Pedro Vicente Chief Executive Officer
Emilio Grande Royo-Villanova Chief Financial Officer
Juan Santamaría Cases Executive Chairman
Ignacio Segura Suriñach Chief Operating Officer & Deputy CEO
George Sassine Executive GM-Investment & Group Property