Benefitting from lax German laws on hostile corporate takeovers as well as a lack of government resistance to foreign acquisitions, Spanish construction firm Actividades de Construccion y Servicios SA edged closer to taking majority control of Hochtief AG, Germany's largest construction group, before Hochtief's May 12 shareholder meeting. Herbert Luetkestratkoetter, CEO since 2007, will resign, a step he announced on April 11. CFO Burkhard Lohr will leave in October. Frank Stieler, a former Siemens executive who runs Hochtief's European business, is backed by ACS and will be Hochtief's new CEO. div id="articleExtrasA" div id="articleExtrasB" div id="articleExtras" ACS Chairman Florentino Pérez
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.