Spanish attempt hostile takeover of Hochtief

Hochtief has been targeted by Spanish builder Actividades de Construccion & Servicios with a €2.7bn takeover bid. The German construction giant has scoffed at the move, saying it would provide no value.  ACS’s first move was to offer eight of its shares for each of Hochtief’s. With €10.4bn in debt to worry about, the Spaniards allegedly prefer to make this as cash-free a transaction as possible.

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