Spanish construction group, ACS, has increased its share in German rival, Hochtief, by buying shares from the open market, Financial Times reports. The Madrid-based company has acquired additional shares, increasing its stake to 33.49%.
Under German law, a would-be buyer is required to make a tender offer for all of a company’s shares after amassing 30% stake, adds The Wall Street Journal. ACS is looking to amass over a 50% stake in the German construction group this year.
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