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Investing.com -- Strabag shares fell more than 10% after the Haselsteiner Familien-Privatstiftung, which holds close to 29% of the company, placed 2.1% of the share capital via an accelerated bookbuild, equivalent to roughly 2.5 million shares or about €207 million.
“The transaction will meaningfully increase the free float of Strabag shares from around 14% currently to 16.1%,” Kepler Cheuvreux analyst Elias New said in a note.
“The increased liquidity should help attract investor interest and reduce the illiquidity discount of the shares,” he added.
Thanks to its strong market position in Germany and leading margin profile, Strabag remains a clear beneficiary of the €500 billion German infrastructure package, New said.
Last week, Strabag withdrew from a planned joint acquisition of parts of VAMED’s Austrian business, prompting peer Porr to move ahead on its own to buy the assets. Strabag said the original purchase structure could not be implemented as intended, leading it to terminate its part of the agreement.
The deal, which initially involved a joint holding company between Strabag and Porr, covered VAMED’s Austrian project development operations and thermal spa holdings being sold by Fresenius. Porr will now proceed alone, agreeing to acquire those assets for a symbolic price of one euro.
Strabag added it remains in separate talks to acquire other parts of VAMED’s Austrian portfolio, including AKH, the unit responsible for managing facilities and construction projects at Vienna General Hospital.
Fresenius, whose subsidiary VIACAMA is divesting the assets, said splitting the sale into two stages makes the process faster and more straightforward.