April 11, 2011 / 7:53 AM / 7 years ago

ACS to back appointment of new Hochtief CEO -source

DUESSELDORF, Germany, April 11 (Reuters) - 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

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