History of the HOCHTIEF share

In 1873 the brothers Philipp and Balthasar Helfmann founded a company called "Gebrüder Helfmann, Bauunternehmer" in Bornheim, near Frankfurt am Main. On April 1, 1884, the construction company was entered into the trade register of Frankfurt am Main as a general partnership (OHG). After the death of Balthasar, Philipp Helfmann wanted to turn the company into a stock corporation. Formally, the stock corporation "Aktiengesellschaft für Hoch- und Tiefbauten" founded in 1896 by Philipp Helfmann acquired the company "Gebrüder Helfmann, Bauunternehmer". It is difficult to say whether the foundation of the stock corporation followed a trend of the late 19th century or whether the only purpose was to strengthen the capital base. In how far the new Stock Exchange Law acted as a catalyst to found the stock corporation before the new law was enacted cannot be proved. In any case, the stock corporation was founded before the law took effect. The capital stock at the time, two million marks, was divided up as follows:

312.500 marks   J. Dreyfus & Co.
337.500 marks   E. Ladenburg
375.000 marks   Emil Kalb
512.500 marks   Philipp Helfmann in Gebrüder Helfmann
50.000 marks   Fritz Helfmann

In 1921, Hugo Stinnes acquired the majority of HOCHTIEF's share capital. Several capital increases during the years 1921-1923 created an even closer link between HOCHTIEF and the Stinnes Group. In the early 1920s, the company went public. Detailed documentation on the going public is not available. In 1924, the company was renamed "HOCHTIEF Aktiengesellschaft für Hoch- und Tiefbauten vorm. Gebr. Helfmann".

historical HOCHTIEF Shares

In 1924 the Stinnes Group collapsed, but the capital structure was not changed significantly until 1926. Banks took over about 20 percent of the shares; 31 percent went to the major regional utility RWE, and another 50 percent to the trade union Vereinigte Welheim. In the years after, HOCHTIEF cut all still existing ties with the former Stinnes Group. The only tie being upheld was that with RWE AG, itself part of the Stinnes Group. AEG, linked with the Stinnes Group via various joint shareholdings, also acquired a stake in HOCHTIEF. Both AEG and RWE became major shareholders of the company. Of the capital stock which was increased to 7.75 million reichsmarks at the General Shareholders' Meeting in June 1927, RWE held about 29 percent, AEG 13 percent. These shareholdings remained unchanged until the end of World War II.

In 1980/81, RWE stepped up its share in HOCHTIEF to 39 percent. In 1990, RWE took over the majority of HOCHTIEF's shares (direct and indirect stake in total: 56 percent).

With effect from January 2002, HOCHTIEF was managed as a financial shareholding by RWE. The directly held stake was reduced to less than 40 percent. The total stake (direct and indirect) still amounted to 56 percent (based on 70 million HOCHTIEF shares).

In a combined offer of HOCHTIEF shares and an exchangeable bond on HOCHTIEF shares, a total of 39.3 million shares were placed with institutional investors in Europe and in the US on February 25, 2004.

The RWE share – to serve the exchangeable bond – thus fell to a mere 9.6%.

As part of its investment strategy, Custodia Holding AG has built up a shareholding in HOCHTIEF. From 5.19 percent in September 2005, the share was increased to 25.08 percent by March 2006.

Since the exchangeable bond for HOCHTIEF stock was issued in February 2004, RWE, serving the exchangeable bond, has further reduced its share in HOCHTIEF and, in May 2006, cut it to less than 5 percent.

On 24 April 2007, ACS Actividades de Construccion y Servicios S.A. acquired the 25.08%-stake in HOCHTIEF from Custodia Holding AG.

As of 4 May 2007, Rasperia Trading Ltd. has build up a 3 percent shareholding in HOCHTIEF and increased its holding to 9.99 percent by 21 May 2007.

On October 9, 2008, Rasperia Trading Ltd. informed that it had parted with its 9.99 percent share in HOCHTIEF. On the same day, Commerzbank Aktiengesellschaft informed that its voting share in HOCHTIEF Aktiengesellschaft was 11.53 percent. On October 31, 2008, the voting share of Commerzbank Aktiengesellschaft was 2.58 percent.

At the beginning of 2009, the major shareholder ACS increased its 25.08 percent share to 29.98 percent.

On December 6, 2010 HOCHTIEF increased the capital stock by around 10% under exclusion of subscription rights of existing shareholders. After acquiring all new shares, Qatar Holding held almost 9.1% of the new capital stock.

On February 9, 2011 ACS announced that its shareholding in HOCHTIEF exceeded 30% and amounted to 33.49% on February 4, 2011. On June 17, 2011 ACS provided information that its voting rights exceeded the 50% threshold of HOCHTIEF. Total voting rights attributable to ACS amounted to 50.16% on June 16, 2011 and included voting rights of 4.46% from own shares of HOCHTIEF Aktiengesellschaft.

On July 4, 2011 ACS provided information that it intends to acquire further voting rights of HOCHTIEF Aktiengesellschaft within the next 12 months in order to reach a stake of slightly more than 50% of HOCHTIEF Aktiengesellschaft voting rights (without including voting rights from HOCHTIEF treasury shares).
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In the beginning of 2014, HOCHTIEF reduced the capital stock by around 10% as a result of cancellation of treasury shares.

In September 2016, HOCHTIEF reduced the capital stock by 7.2% as a result of cancellation of treasury shares.

The current shareholder structure is as follows:
Shareholder structure.

Historical development of HOCHTIEF's company name:

1873-1896 Gebrüder Helfmann, Bauunternehmer
1896-1923 Aktiengesellschaft für Hoch- und Tiefbauten
since 1924 HOCHTIEF Aktiengesellschaft für Hoch- und Tiefbauten vorm. Gebr. Helfmann
since 1978 HOCHTIEF Aktiengesellschaft vorm. Gebr. Helfmann
since 1999 HOCHTIEF Aktiengesellschaft