Spanish construction giant ACS launches bid for Hochtief

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.