Spanish contractor ACS has made an offer for a controlling stake in German rival Hochtief. If the deal goes through, it would create one of the biggest construction groups in the world.

ACS holds 29.9% of Hochtief’s shares; its offer would take its holding to just over 50%.

The board of Hochtief has yet to respond to the offer, which values the German group at about £3.4bn.

The ACS chairman Florentino Perez, who is also chairman of Real Madrid football club, said: “The [deal] is beneficial for ACS and Hochtief. Together we will be the number one infrastructure group in the western world, with a strong presence on each continent.”

ACS said it would keep Hochtief’s regional brands, such as Turner in the US and Leighton in Australia.