Spain's ACS Faces Resistance Over $3.5B Hochtief Bid

Law360, New York (October 5, 2010, 4:31 PM EDT) -- Spanish construction giant Actividades de Construcción y Servicios SA has reconfirmed its "friendly intentions" toward Hochtief AG as the company faces shareholder unrest over its proposed $3.5 billion bid to buy up a majority stake in its German competitor.

ACS — which already holds a 30 percent stake in Hochtief — said Monday the companies held "an extraordinary supervisory board meeting," during which the Madrid-based suitor presented its concept for the acquisition of a majority stake in the Essen, Germany-based Hochtief.

The friendly language notwithstanding, Hochtief...
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