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ACS Boosts Hochtief Stake For Control

Spanish construction group, ACS, has increased its share in German rival, Hochtief, by buying shares from the open market.

Spanish construction group, ACS, has increased its share in German rival, Hochtief, by buying shares from the open market, Financial Times reports. The Madrid-based company has acquired additional shares, increasing its stake to 33.49%.

Under German law, a would-be buyer is required to make a tender offer for all of a company’s shares after amassing 30% stake, adds The Wall Street Journal. ACS is looking to amass over a 50% stake in the German construction group this year.

Click here for the story from Financial Times.

Click here for additional coverage from The Wall Street Journal.

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