UPDATE 1-Hochtief CEO lobbies for Qatari help in ACS battle

* Hochtief CEO, Qatari EconMin met at event at end-Sept.

* Hochtief says German Chancellor arranged meeting

* German govt says Hochtief was discussed at the event

* Magazine reports Qatar is in talks to take Hochtief stake

(Recasts, adds details, background)

FRANKFURT, Oct 24 (BestGrowthStock) – Hochtief (HOTG.DE: ) Chief
Executive Herbert Luetkestratkoetter met with Qatar’s economy
minister at the end of September, lobbying for support against
an unwanted low-ball offer from Spain’s ACS (ACS.MC: ).

A spokeswoman for Hochtief said German Chancellor Angela
Merkel had arranged for Luetkestratkoetter to be introduced to
minister Youssef Kamal at a recent event hosted by Germany’s
President Christian Wulff.

A German government spokeswoman said Hochtief was discussed
at the event, without being more specific.

ACS, headed by Real Madrid soccer club President Florentino
Perez, has said it will offer Hochtief shareholders eight ACS
shares for every five Hochtief shares they own, valuing the
German builder at about 3.7 billion euros ($5.2 billion).
($1.02 billion) to get a majority stake in Hochtief.

Luetkestratkoetter has said the offer is hostile and offers
no value for Hochtief, which has a market value of 4.4 billion
euros. Hochtief has hired Credit Suisse (CSGN.VX: ), Goldman Sachs
(GS.N: ) and Deutsche Bank (DBKGn.DE: ) to work out a defence
strategy.

Hochtief and its Australian unit Leighton Holdings (LEI.AX: ),
of which it owns 54 percent, have already asked Australian
regulators to help them fend off ACS’s approach. [ID:nLDE69J0F2]

Banking sources earlier this month told Reuters Hochtief has
lobbied Berlin to seek protection and has sought investors in
the form of sovereign wealth funds in Dubai and Qatar.
[ID:nLDE6951AH]

ACS’s deliberately low-priced bid is designed to allow the
Spanish company to gradually up its stake without having to
offer a premium for control.

German magazine Der Spiegel earlier on Sunday reported that
Qatar was now in talks to take a stake in Hochtief, but said no
decision had been made yet.

Neither sovereign wealth fund Qatari Investment Authority
nor investment arm Qatar Holding were available for comment.

Insiders have said the German government is unlikely to see
any takeover by ACS as politically sensitive, while ACS’s 29.9
percent stake could put off many white knights who would get a
hostile response from the Spanish builder.

Still, Germany’s Merkel has said she believes Hochtief
should remain based in Germany. A German cabinet source has told
Reuters Berlin is considering tightening its takeover laws in
view of ACS’s acquisition attempt. [ID:nLDE69G0BQ]
[ID:nBAT005709] [ID:nLDE69E0G2]
(Reporting by Maria Sheahan, Anneli Palmen, Andreas Rinke and
Regan Doherty; Editing by David Cowell)
($1=.7187 Euro)

UPDATE 1-Hochtief CEO lobbies for Qatari help in ACS battle