25 March 2008
Spanish construction Group ACS has acquired a 25,08% stake in Hochtief, Germany's largest contractor. ACS paid € 1,26 billion for the interest in Hochtief, acquiring it at € 72 per share from institutional investor Custodia Holdings. The transaction is subject to the approval of Germany's competition authorities. ACS says it does not have plans for a full acquisition of Hochtief and wants the company to remain independent.