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.