Construction Giant Launches $3.5B Bid For Hochtief

Law360, New York (September 16, 2010, 2:06 PM EDT) -- Spanish construction conglomerate Actividades de Construccion y Servicios SA revealed plans Thursday to shell out €2.7 billion ($3.53 billion) for full control of German rival Hochtief AG.

ACS — which already holds a 30 percent stake in Hochtief — said it intended to increase its shareholding to “just above 50 percent over time,” not necessarily via the public offer, eventually allowing for “full financial consolidation.”

The Madrid-based company added that “a domination agreement is not intended,” saying Hochtief would remain a Frankfurt-listed company.

Florentino Perez, chairman...
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