ACS Wins Control of Hochtief

ACS Group finally won control of Hochtief this month when minority shareholders cast their vote with the Spanish mega-builder after it moved aggressively to resolve big losses on two contracts held by Hochtief’s Australian contractor Leighton Holdings.

The move apparently convinced German holdouts that they stand a better chance of improving Hochtief’s flagging profitability with Marcelino Fernández Verdes as CEO rather than with Dr. Frank Stieler. Both Steiler, CEO, and Manfred Wennemer, chairman, have stepped down.


About Bill Reinhardt

Editor of Public Works Financing newsletter
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