Spanish contractor aims to take controlling stake in Germany’s largest construction firm
Spanish firm ACS is attempting to take control of Hochtief in a bid to become a European giant.
Spanish builder Actividades de Construccion & Servicios SA (ACS) is already Hochtief’s largest investor and is offering eight of its own shares for every five shares held in Hochtief. Its plan is to take its current 29.98% stake above the 30% theshold at which point a company has to make a mandatory offer for all shares under German rules.
Over the past decade ACS has branched out into infrastructure and energy, but its move for Hochtief is designed to take advantage of Hochtief’s international business, which accounts for 95% of its business volume, the largest chunk of which is in Asia and the US.