In today’s briefing:
- Untangling ACS Holding Chain
Untangling ACS Holding Chain
- ACS is simplifying its corporate structure: it has acquired the minorities in CIMIC, increased its stake in Hochtief and is buyer for any shares in Hochtief owned by Atlantia.
- Thiess is now acquiring MACA and could also be a candidate for acquisition by the parent.
- I see value in ACS. Further rationalisation in the holding structure would be a catalyst for the reduction of the discount.
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