Reuters beats all comers to ACS having 30 pct of Hochtief

Reuters was more than 10 days ahead with its report on Dec. 23 that Spanish construction firm ACS had achieved its aim of a 30 percent stake in German bid target Hochtief. ACS confirmed on Jan. 4 that it had succeeded in increasing its holding to the key 30 percent threshold, which will allow the Spanish predator to build a controlling stake in Hochtief in the open market, a move which it is widely expected to make over the coming months. The Reuters report used information from a source close to the deal to calculate that ACS had the 30 percent in the bag. Reuters was ahead of Bloomberg, which had nothing on the ACS-Hochtief story on Dec. 23 and the Financial Times story the following day followed the Reuters lead. The Reuters exclusive was also picked up by several local Spanish newspapers. Picture of construction site, graphic of Hochtief shares