German Hochtief to lead work on Golden Gate Bridge project

22nd October 2010, Comments 0 comments

German construction company Hochtief said Friday it would lead a project worth one billion dollars (715 million euros) to create a new southern access to San Francisco's Golden Gate Bridge.

The company said a consortium built around its North American unit Flatiron would "design, build, finance, operate and maintain the Presidio Parkway in San Francisco," a public-private project that will replace a southern access road to the San Francisco landmark.

The consortium will have a 50 percent share of the project, a statement said, once final approval is obtained "in December at the latest."

Hochtief said another team shortlisted for the project was built around the Spanish construction group ACS, which is the dominant shareholder in Hoctief with a stake of nearly 30 percent.

ACS has made a public offer of around 56 euros (78 dollars) per share for all of Hochtief's equity that has been rejected by directors of the German group as grossly undervalued.

On Friday afternoon, Hochtief shares traded for 63.73 euros in Frankfurt.

© 2010 AFP

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