Actividades de Construccion y Servicios SAÂ's (ACS) acquisition of a stake in its rival Grupo Dragados SA may lead to a merger between the two and is expected to step up consolidation within SpainÂ's construction sector.
ACS bought the 23.5 percent stake late Thursday for EUR 900 million euros from bank Santander Central Hispano SA, which retains a 0.5 percent stake. Santander Central Hispano makes a EUR 534 million profit on the sale, which carries a premium of 58.72 percent on DragadosÂ' closing price Thursday.
On Friday, Dragados chairman Santiago Foncillas and six other board members resigngd their posts, a spokeswoman said.
(source: Associated Press)