FRANKFURT, April 11 (Reuters) - The chief executive of Hochtief, the builder being bought by Spain's ACS, resigned on Monday after writedowns at subsidiary Leighton forced the group to issue a profit warning.
Hochtief Chief Executive Herbert Luetkestratkoetter will step down on May 12, the company said, just days after he had told a newspaper he would be comfortable staying on despite past differences with predator ACS.
Frank Stieler -- who has been at Hochtief since March 2009 -- will succeed Luetkestratkoetter, and ACS said the German manager has its full backing.
Following is a timeline of events in the bid saga:
Sept. 16 2010 - ACS says preparing a full bid for Hochtief.
Oct. 4 - Hochtief supervisory board says supports management efforts to fend off bid.
Oct. 18 - Germany says does not believe there are any grounds for a legal challenge to ACS's takeover of Hochtief.
Nov. 7 - Australia's Takeovers Panel refuses to intervene to guarantee independence of Leighton in event ACS buys Hochtief.
Nov. 29 - German markets regulator BaFin gives go-ahead for ACS's offer.
Dec. 1 - ACS formally launches bid.
Dec. 6 - Hochtief announces a 7 million share issue to Qatar, a move that will dilute ACS's holding of nearly 30 percent to 27.25 percent.
Dec. 7 - ACS says considering all options including legal action to keep bid on track.
Dec. 9 - Southeastern Asset Management, a large shareholder which also holds a stake in ACS, calls for resignation of Hochtief bosses who agreed to sell stake to Qatar.
Dec. 10 - Hochtief completes 10 percent capital increase. Qatar Holding buys all 400 million euros worth of new shares.
Dec. 15 - ACS improves bid to nine ACS shares for every five Hochtief shares from its previous eight-for-five offer.
Jan. 4 2011 - ACS says it has 30.34 percent of Hochtief and extends its offer to Jan. 18.
Jan 5 - Germany's financial watchdog says it is investigating the role of Southeastern Asset Management in the takeover bid. An ACS spokeswoman says ACS did not collaborate with Southeastern in Hochtief bid and complied with German law.
- ACS secures European Union regulatory clearance to take control of Hochtief.
Jan. 21 - ACS says it holds 31.6 percent of Hochtief.
Feb. 13 - Leighton reports a 25 percent fall in first-half profit and cuts its full-year forecast by 6 percent due to recent Australian floods.
Feb. 25 - ACS says it holds 36.2 percent of Hochtief and aims to raise its holding to more than 50 percent.
March 23 - Hochtief says ACS owns 39 percent of its shares. Separately, Qatar's sovereign wealth fund says it would own more than 10 percent of Hochtief following the settlement of its most recent market trades.
March 29 - ACS wants to double the number of seats it has on Hochtief's supervisory board to four, sources close to Hochtief say.
March 31 - Hochtief says it will propose no major changes to the composition of its supervisory board as the group's annual general meeting on May 12, souring relations with ACS further.
April 7 - Leighton's shares are suspended from trading as the group says it will revise its profit guidance.
April 11 - Hochtief announces that Chief Executive Herbert Luetkestratkoetter will step down and be succeeded by Frank Stieler. Leighton and Hochtief issue profit warnings and Leighton announces a A$757 million rights issue to bolster its balance sheet. Hochtief will spend about 300 million euros taking up its full 54 percent entitlement. (Reporting by Josie Cox; Editing by Jon Loades-Carter)