Spain's ACS Moves To Fix Hold On German Builder Hochtief

摘要

Benefitting from lax German laws on hostile corporate takeovers as well as a lack of government resistance to foreign acquisitions, Spanish construction firm Actividades de Construccion y Servicios SA edged closer to taking majority control of Hochtief AG, Germany's largest construction group, before Hochtief's May 12 shareholder meeting. Herbert Luetkestratkoetter, CEO since 2007, will resign, a step he announced on April 11. CFO Burkhard Lohr will leave in October. Frank Stieler, a former Siemens executive who runs Hochtief's European business, is backed by ACS and will be Hochtiefs new CEO.