German builder Hochtief was preparing to lose its fight for independence from Spanish predator ACS yesterday, revealing a deal with its creditors to allow for the change of control.
Hochtief's lenders have waived their right to cancel credit lines should any shareholder hold more than 30 per cent, Hochtief's chief financial officer said in a newspaper interview, smoothing the way for the much more heavily indebted ACS to build a controlling stake.
He said lenders were happy that the company was well capitalised enough, thanks in part to its sale of a 9.1 per cent stake to the government of Qatar in December.
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