Publication Date:
Mon, 2011-04-11 22:09
Hochtief said Herbert Luetkestratkoetter will depart following the annual general meeting on May 12 “by mutually amicable agreement.” He will be replaced by board member Frank Stieler.
ACS announced its all-share bid for Hochtief, Germany’s largest builder, last September.
Hochtief strongly opposed the bid by ACS, which was already its biggest shareholder, but the Spanish firm has managed to build up its stake to more than 41 percent.
Hochtief AG said it will to be able to draw on Luetkestratkoetter’s international experience as he will remain available as an adviser.
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