DUESSELDORF, Germany, April 11 Spanish
builder ACS (ACS.MC) is backing the appointment of the new
chief executive of Hochtief (HOTG.DE), a Hochtief
supervisory board source told Reuters on Monday.
Earlier on Monday, Hochtief said in a statement that
Chief Executive Herbert Luetkestratkoetter would step down
on May 12, just days after he had told a newspaper he would
be comfortable staying on. [ID:nLDE7390LJ]
Frank Stieler will succeed Luetkestratkoetter.
Hochtief has been trying to fend off a hostile takeover
by ACS since late last year. In February, ACS's stake in
Hochtief passed the 30 percent threshold, allowing the
Spanish builder to raise its holding further without having
to make an outright takeover bid. [ID:nLDE7120AI]
A Germany-based spokeswoman for ACS declined to comment.
(Reporting by Matthias Inverardi, writing by Josie Cox)