* Wants to keep good relations with mgt despite hostile bid
* Does not want to change strategy on Leighton
* Can start buying Hochtief shares as soon as bid ends
(Updates with comments from conference call)
MADRID/FRANKFURT, Sept 17 (Reuters) - Spain's ACS hopes it can maintain its good relations with Hochtief directors despite their calling its lowball bid for the German affiliate hostile, ACS CEO Angel Garcia Altozano said on Friday.
ACS shares and supports Hochtief's management and does not want to change its strategy regarding its own business or that of its star unit, Australia's Leighton Holdings, Garcia said on a conference call following its all share bid for Hochtief.
Earlier, Hochtief Chief Executive Herbert Luetkestratkoette told Reuters he views ACS's eight-for-five all share bid for the 70 percent of the company it does not have as hostile.
Separately, financial sources in Germany said Hochtief's investment bankers are already working on possible defence strategies to make the German firm more difficult to swallow for ACS.
ACS said it is allowed to start buying shares in the market as soon as the acceptance level of the offer is known, adding that although it does not expect huge acceptance, it has share loan deals with its own shareholders to lend them shares if acceptance is larger than expected.
ACS' share loan deal with its shareholders, which would be used if acceptance for the bid required more shares than the about 6 percent of capital the Spanish builder holds as treasury stock, refers to shares which are not currently being traded, Altozano said.
ACS' chief executive said in an interview on Thursday night that it would make no sense at all to raise its nil premium bid, which is designed to conform to German legislation on stake increases past 30 percent of capital. (Reporting by Ludwig Burger, Matthias Inverardi and Jonathan Gleave; writing by Jonathan Gleave; Editing by Jon Loades-Carter)