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UPDATE 2-Hochtief starts to woo white knights in ACS battle

Published 09/23/2010, 11:30 AM
Updated 09/23/2010, 11:32 AM
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* Aims to intensify talks with potential investors

* Sets up quick-response committee without Spanish influence

* Hochtief shares up 1.9 pct, ACS slips 0.5 pct by 1517 GMT

(Adds ACS, updates shares)

DUESSELDORF, Germany, Sept 23 (Reuters) - German construction group Hochtief has begun actively searching for a white knight in its battle to fend off a looming takeover by large shareholder ACS.

"We want to intensify talks with investors that have an interest in Hochtief," a spokesman for the company said on Thursday.

In order to keep its tactics under tight wraps, Hochtief has created a separate quick-response committee on its supervisory board that does not include the two board representatives from its Spanish suitor, according to the spokesman.

This committee is empowered to quickly authorise management to take defensive measures, he added.

ACS declined to comment.

Goldman Sachs and Credit Suisse are advising Hochtief on its options.

ACS unveiled last Thursday an all-share bid that valued the remaining 70 percent of Hochtief it does not already own at about 2.7 billion euros ($3.6 billion) at the time.

Hochtief Chief Executive Herbert Luetkesstratkoetter told Reuters on Friday that he had viewed the bid as hostile and would review its options.

(Reporting by Matthias Inverardi; Editing by David Cowell)

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