Spanish construction company, ACS, has increased its stake in Hochtief to 31.6% after the extended offer period for its takeover bid ended on Jan. 18, 2011, The Wall Street Journal reports. The stake will let ACS acquire further shares in the market without triggering another mandatory takeover offer, as it has passed the 30% threshold as per German takeover laws.
ACS, which has been a shareholder in Hochtief since 2007, seeks to raise its stake in the construction group to above 50% in 2011, adds Financial Times. ACS, which placed its bid for Hochtief’s control in September 2010, valued the German company at €5 billion.
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