Spanish construction giant ACS launches bid for Hochtief

16th September 2010, Comments 0 comments

Spanish construction giant ACS announced Thursday it will bid for the remaining shares in German rival Hochtief that it does not already own, in a move that would create a major industry player.

"The ACS Group has decided to make a tender offer to all shareholders of the German company Hochtief AG (in which it currently holds a stake of around 30 percent)," it said in a statement to Spain's stock market regulator.

It said ACS would pay for the stake in shares at a ratio of eight ACS shares for five Hochtief shares.

© 2010 AFP

0 Comments To This Article