Spain's ACS presents takover offer for Germany's Hochtief
Spain's largest construction group ACS said it presented its offer for German rival Hochtief to Germany's financial supervisory authority Bafin on Thursday.
Bafin has 15 days to rule on the bid, and Hochtief shareholders then have a further four weeks to decide whether to accept the offer, a company spokesman said.
ACS, which already holds just under 30 percent of Hochtief, Germany's largest public works group, wants to take a controlling stake through an all-share share swap to create what would be one of the world's leading building firms.
However, the Spanish company offered a price below Hochtief's current market value, which Hochtief says does not represent fair value for the group.
The German firm is trying to force the Spanish group to make a bid for Hochtief's Australian subsidiary Leighton, thereby increasing the price and possibly discouraging ACS.
ACS could instead carry out a capital increase of 78.5 million euros (107.6 million dollars), which is to be approved during an extraordinary meeting of shareholders on November 19.
© 2010 AFP