The biggest German construction group, Hochtief, posted on Wednesday modest second quarter results owing to problems with its Australian unit Leighton.
Germany’s biggest construction company Hochtief was effectively taken over by Spanish firm ACS on Thursday after the last opponent on the supervisory board bowed to the greater power of ACS and said he would not stand for re-election.
German construction group Hochtief on Monday cut its 2011 forecasts sharply after a profit warning from Australian unit Leighton, and said that its chief executive was stepping down. Shares in Hochtief plunged 9.2 percent in Frankfurt.
Shares in the biggest German construction group, Hochtief, plunged in early trading Thursday after it warned of a negative impact on 2011 results from problems at its Australian unit, Leighton.
Spain's biggest public works group ACS said on Tuesday it had succeeded in snapping up more than 30 percent of shares in German rival Hochtief, a key step towards taking overall control.
Spain's leading construction company ACS said Monday it now had a 29.27 percent stake in Hochtief as part of its bid to take control of the German group.
The tiny Gulf state Qatar, already heavily involved in car giant Volkswagen and construction group Hochtief, is eyeing further investments in Germany, Economy and Finance Minister Yussef Hussein Kamal said on Friday.
Southeastern Asset Management, an investor in construction group Hochtief, said Thursday it would sell two million shares to ACS of Spain, which has made a bid for the German firm.
German construction group Hochtief, fighting off a hostile bid from Spanish rival ACS, said on Monday that Qatar was acquiring a 9.1-percent stake in the firm following the issue of seven million new shares.
Spanish construction giant ACS was free Tuesday to launch formally a bid to take control of rival Hochtief and create one of the world's biggest building firms after receiving German regulatory approval.
Germany's financial supervisory authority Bafin has serious doubts about the planned hostile takeover of the country's largest construction company Hochtief by Spanish rival ACS, a media report said Saturday.
Spain's largest construction group ACS said it presented its offer for German rival Hochtief to Germany's financial supervisory authority Bafin on Thursday.
Spanish construction giant ACS Group announced Thursday a €2.76-billion all-share takeover bid to take full control of German rival Hochtief to create a major world player.
Hochtief has won a contract to transform New York's Madison Square Garden, which a unit of the German construction group built more than 40 years ago, it said on Friday.
