Spanish ACS candidates dominate new Hochtief board

12th May 2011, Comments 0 comments

Shareholders of German construction group Hochtief on Thursday overwhelmingly approved a new supervisory board dominated by candidates proposed by Spanish predator ACS, the new major shareholder.

The Spanish giant Actividades de Construccion y Servicios (ACS), owned by Spanish billionaire and Real Madrid president Florentino Perez, has been building up its stake in Hochtief since September, leading to the recent ouster of the German firm'schief executive and finance chief.

ACS currently holds over 43 percent of Hochtief shares and aims to take that figure above 50 percent.

Earlier Thursday, incumbent supervisory board chairman Detlev Bremkamp and three other board members withdrew their names to avoid a dispute with the new major shareholder over the board composition.

At a stormy meeting Frank Stieler, just before taking the company's helm with the backing of ACS, refused to answer questions on future strategy, saying it was neither the time nor the place.

© 2011 AFP

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