Timeline: ACS’s pursuit of Hochtief

(BestGrowthStock) – A top investor in Hochtief (HOTG.DE: ) and would-be Spanish predator ACS (ACS.MC: ) called for the resignation of the German builder’s bosses who sold a stake in the company to Qatar.

Following is a timeline of events since ACS expressed interest in launching a bid for Germany’s largest builder:

September 16 2010 – ACS says preparing a full bid for Hochtief.

September 22 – ACS’s main shareholders agree to offer their shares as collateral for its takeover of Hochtief.

October 4 – Hochtief’s supervisory board says it supports management efforts to fend off ACS’s bid.

October 6 – Hochtief turns to Australian regulators to force ACS to make an offer for outstanding shares in its Australian unit, Leighton Holdings (LEI.AX: ).

October 18 – Germany says does not believe there are any grounds for a legal challenge to ACS’s takeover of Hochtief.

October 24 – Der Spiegel says Qatar in talks to take a stake in Hochtief to help fend off ACS’s offer.

November 7 – Australia’s Takeovers Panel refuses to intervene to guarantee independence of Leighton in event ACS buys Hochtief.

November 19 – Shareholders in ACS back 157 million share issue designed to reassure German regulators it can finance its bid.

November 30 – German markets regulator BaFin gives go-ahead for ACS’s offer.

December 1 – ACS formally launches a formal bid.

December 6 – Hochtief announces a 7 million share issue to Qatar for 400 million euros ($532 million), a move that will dilute ACS’s holding of nearly 30 percent to 27.25 percent.

December 7 – ACS says considering all options including legal action to keep bid for Hochtief on track.

December 9 – Southeastern Asset Management, second largest shareholder in Hochtief after ACS and which also holds an ACS stake, calls for resignation of Hochtief bosses who agreed to sell the stake to Qatar.

Dec 10 – Hochtief completes 10 percent capital increase. Qatar Holding buys all 400 million euros worth of new shares.

Dec 11 – Hochtief CEO says open to talks with ACS and does not see the Spanish builder’s takeover bid as hostile.

Dec 12 – ACS says hopes talks with Hochtief will start soon after its German rival says it is open for dialogue.

($1=.7580 Euro)

Timeline: ACS’s pursuit of Hochtief