ACS soars 19% in the stock market after receiving an offer for its industrial division

October 02, 2020 13:30

ACS soars 19% in the stock market after receiving an offer for its industrial division

The Spanish construction company ACS posted a 19% rise on the Madrid Stock Exchange this morning after receiving an offer for the purchase of its industrial division from the French company Vinci. The company chaired by Florentino Pérez has communicated to the Spanish regulator, the National Securities Market Commission (CNMV), that the offer is non-binding and it will continue with negotiations.

The assets of the operation amount to around 5,200 million euros, of which approximately half would be paid in cash and the rest in Vinci shares. If the deal is formalized, it would be one of the largest corporate transactions of the year in Europe.

Admiral Markets MetaTrader 5. CFD ACS Daily Chart

Source: Admiral Markets MetaTrader 5. CFD ACS Daily Chart. Data range: from January 17, 2020, to October 2, 2020. Prepared on October 2, 2020, at 10:30 a.m. Keep in mind that past returns do not guarantee future performance.

As we see in the graph, ACS stock is about to break the resistance at the psychological level of 22 euros. If it succeeds, the company could try to attack the 27 euro level that it touched in early June.

The company sank to 11 euros in March as a result of the stoppage due to the coronavirus pandemic and so far in 2020 it has accumulated losses of -37%. In the past five years, ACS has registered advances of between 6% and 13% per year, thanks to the recovery of the construction sector.

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