ACS wants increased stake in Hochtief
ACS wants to take a bigger share in German company Hochtief.
Spanish building firm ACS is looking to increase its stake in Hochtief in the coming months.
At present, the former owns 49 per cent of the latter, so extensive business negotiations may be required to secure the remaining 51 per cent.
ACS's corporate general manager Angel Garcia Altozano told Reuters that his group is under no pressure in terms of time and the deal may have to wait until early 2012.
The organisation is hoping that positive figures from Hochtief will continue to protect it from the weakness of the home construction market in Spain.
Since ACS incorporated Hochtief in June of this year, there has been a 64.9 per cent increase in international turnover.
As well as this, ACS's turnover in the nine months to September was €18.2 billion (£15.6 billion), which represents a 62.1 per cent hike on the figure recorded in the previous year.
Gross operating profit also climbed 39.1 per cent to €1.5 billion.
Posted by Ken Hayes
Source: ACS press release, Reuters, November 15th