Reuters – Australian bank Macquarie finally won control of Techem by again raising its cash bid for the German metering company to 1.48 billion euros ($2.13 billion) to sway key shareholders.
Macquarie prevailed in a year-long struggle with other investors such as hedge funds and private-equity companies as it sweetened last week’s bid — its third offer for Techem — to 60 euros a share from 58 euros, it said on Wednesday.
The Australian bank first made the increased offer in negotiations with unidentified large shareholders and had to extend the bid to all shareholders after these accepted, a spokeswoman for Macquarie said.
“Having come to an agreement with major shareholders at a price of 60 euros a share, this increased offer applies to all shareholders,” she added,
Macquarie manages about A$200 billion ($184.5 billion) globally and has been buying infrastructure assets such as water companies in Britain and warehouses in Germany as decade-long investments for its pension funds.
The bank has had a presence in Germany since 1989 and is attracted by the stable cash flows that Techem’s market position allows. The Sydney-based investor is bidding for the German company through its European infrastructure arm.
