German contractor Hochtief has announced an off-market offer to buy the remaining shares in Cimic, Australia’s largest construction concern.

Currently, Hochtief owns 78.58% of Cimic and has offered A$22 per share for the remaining amount, in a final cash offer. Reuters notes that this amounts to US$715m.

Hochtief says a more detailed bid statement will be released around the 9 March and will remain open for at least a month.

Cimic’s board has appointed an independent board committee formed of non-executive directors Russell Chenu and Kate Spargo to oversee the takeover.

The committee has appointed Australian firms Gilbert + Tobin as legal adviser and Oaktower Partnership as financial adviser.

Essen-based Hochtief is a public company controlled by Spanish contractor ACS, which has a 61% holding in it.