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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
“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,<\/p>\n
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.<\/p>\n
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.<\/p>\n