Goldman sells Hochtief block as part of equity collar hedge

By Aidan Gregory
28 Mar 2019

Goldman Sachs this week completed a €612m delta placement of shares in Hochtief, the German construction company, to hedge itself after providing a funded collar transaction to Atlantia.

In a statement on Thursday, Atlantia said it had entered into the collar for over 5.6m shares in Hochtief — an 8% stake in the company and around a third of its holding. The total financing has raised €752m with an average tenor of 6.5 years, Atlantia said. ...

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