Fight for Hochtief is over – it belongs to Spanish ACS

The German regulatory body BaFin has approved the takeover of the construction company Hochtief by the Spanish company ACS, valued at EUR 2.7 bill. ACS already has a 30 % stake in Hochtief. The company itself was against the takeover because the transaction didn´t give its shareholders any added value. Hundreds of company employees protested in Berlin streets against the takeover in October. The German Chancellor Angela Merkel intervened in the fight as well as the leader of the opposition party SPD, Gabriel, who asked the government to intervene. “What is happening here is nonsense for the national economy,” he said. He criticised German laws for not protecting a good firm from takeover by a bad firm.

Hochtief employs roughly 70,000 people, it made a net profit of EUR 88.1 mill. in the first six months. The company participates in large construction projects including construction of office buildings and schools. The company also owns construction divisions of Turner and Flatiron in the U.S. and Leighton in Australia, the company also has a share in several airports. Is operates in the Czech market through their division named Hochtief CZ. ACS is based in Madrid and is traditionally involved in major public construction projects. In recent years, it has also expanded its activities to other fields.