ACS Plans to Replace Hochtief Management Team, Expansion Reports

Actividades de Construccion & Servicios SA will replace the management team at Hochtief AG and renew its board at the company’s next shareholders’ meeting, Expansion reported, without citing anyone.

ACS, which owns 33.5 percent of Hochtief, will probably have boosted its stake to around 50 percent by the time the shareholders’ meeting takes place on May 12, the newspaper said.

At current market prices, ACS will have to spend about 800 million euros ($1.1 billion) buying Hochtief shares in the market to reach a 50 percent stake, Expansion added.

To contact the reporters on this story: Sharon Smyth in Madrid at ssmyth2@bloomberg.net;

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.

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