Actividades de Construccion y Servicios S.A.
- ExchangeMadrid Stock Exchange
- SectorConstruction & Materials
Due to a reallocation of resources, Haitong Research is terminating coverage of ACS, FCC, Ferrovial, Sacyr, OHL and Abertis. Effective upon this termination of coverage, our last recommendations, fair values and estimates should not be relied upon going forward.
ACS launches a competing bid for Abertis ACS, through its subsidiary Hochtief, has announced a competing bid for Abertis at a price of €18.76/share in cash and/or 0.1281 Hochtief shares for each Abertis share. A minimum 20% of the price will be paid with Hochtief shares (or 22% adjusted for 8% treasury stock held). There will not be a lock up period for the new shares. The bid is conditioned to a minimum 50% acceptancy and to regulatory approvals. Expensive but the deal is EPS accretive for ACS Although the bid price is higher than both market expectations (€18/share) and our valuation of A...
A director at Acs Actividades De Construccion Y Servicios sold 2,715 shares at 37.760EUR and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under lis...
In item 3, shareholders are called to an advisory vote on the Annual Remuneration Report, including the remuneration policy and the amounts paid in the last year. The Company has improved the quality of disclosure, including the performance metrics used to calculate the 2017 bonus, but individual weightings are not disclosed and it is not clear whether a percentage of the bonus will depend on a discretionary assessment. In 2016, the Company paid an additional fee of € 1 million to a non-executive Director, for his "dedication and efforts". We strongly regret that extraordinary bonuses are allo...