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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.