Deutsche Bank and UBS have completed a combined €950m ($1.2bn) equity and equity-linked offer from RWE in which the German utility sold more than half of the share capital in Hochtief, a German construction company.

RWE sold all of its 56.1% stake in Hochtief, a total of 39.3 million shares, which tripled Hochtief's current free float from 27% to 83%. Deutsche and UBS were joint bookrunners of both the equity placement and the exchangeable bond from RWE into Hochtief shares. Dresdner Kleinwort Wasserstein (DrKW) was joint-lead manager with Commerzbank Securities.