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Updated Monday, October 17, 2011 11:41 pm TWN, dpa

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German contractor Hochtief plans takeovers in India and Canada: CEO

BERLIN--Hochtief, the German construction group, is planning business acquisitions in India and Canada, its chief executive said in an interview published Saturday.

Hochtief would soon take over a construction company in Canada that has annual turnover of well over 100 million euros (US$135 million), Chief Executive Frank Stieler told the German business weekly Wirtschaftswoche.

Essen-based Hochtief was also studying a bid for a civil engineering firm in India, he said.

ACS of Spain, which holds majority control of Hochtief, had no plans to integrate the German company more closely into its structure, Stieler said.

This was “neither feasible nor intended.” ACS preferred Hochtief to function independently and profitably, he said.

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