Spanish ACS wins crucial stake in Hochtief

4th January 2011, Comments 0 comments

Spain's leading construction company ACS said on Tuesday it had succeeded in snapping up more than 30 percent of shares in German rival Hochtief, a key step towards taking overall control.

ACS said it had acquired 30.34 percent of the German group, which has battled against the Spanish bid.

Under German law, ACS is now allowed to buy its rival's shares on the open market, a major boost in its campaign to grab more than 50 percent of Hochtief and become the largest publics work group in Europe, or third biggest worldwide.

© 2011 AFP

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