CIMIC wouldn't be taking itself over. Hochtief a German construction giant owns over 76% of CIM shares and controls CIMIC. Another construction giant, Spain's ACS, owns over 50% of Hochtief shares and therefore controls Hochtief and CIMIC. Any takeover of CIMIC would be Hochtief/ACS launching a bid to buy up the remaining 23%+ of shares they don't own. If they get to 90% they can compulsory acquire the rest. With CIMIC having a share buyback scheme you can rest assured Hochtief isn't selling any shares back, however everyone of those outstanding 23% of shares that are sold back to the company is one less share that Hochtief/ACS would have to buy themselves in a takeover.
CIM Price at posting:
$17.74 Sentiment: None Disclosure: Not Held
