Spain's ACS builds up more than 30-per-cent stake in Hochtief
Spanish construction group Actividades de Construccion y Servicios SA (ACS) reached a key point Tuesday in its battle to takeover Hochtief AG when it secured a more- than 30-per-cent stake in the German builder.
ACS said it now controlled 30.34 per cent of Hochtief's voting rights.
Under German law a company acquiring a more-than 30-per-cent holding in company is required to launch a full takeover offer.
Last month ACS launched a takeover bid for Hochtief offering eight ACS shares for every five Hochtief shares.
But Hochtief's fierce opposition to the bid combined with a lukewarm response from the German group's stockholders resulted in ACS improving the offer to nine shares for every five Hochtief shares.
Spain's largest construction company aims at controlling more than half of the German builder.