Spanish contractor ACS has made an offer for a controlling stake in German rival Hochtief. If the deal goes through, it would create one of the biggest construction groups in the world.

ACS holds 29.9% of Hochtief鈥檚 shares; its offer would take its holding to just over 50%.

The board of Hochtief has yet to respond to the offer, which values the German group at about 拢3.4bn.

The ACS chairman Florentino Perez, who is also chairman of Real Madrid football club, said: 鈥淭he [deal] is beneficial for ACS and Hochtief. Together we will be the number one infrastructure group in the western world, with a strong presence on each continent.鈥�

ACS said it would keep Hochtief鈥檚 regional brands, such as Turner in the US and Leighton in Australia.

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