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Hochtief slides after ACS denies takeover plans

By Reuters News

** Shares in Hochtief HOTG.DE drop around 5% after Spanish builder ACS ACS.MC denied plans to take over its German unit

** ACS said on Saturday it had neither considered launching a takeover bid for Hochtief, nor a selling its stake in Turner

** Bloomberg reported on Friday, citing people familiar with the matter, that ACS was exploring possibilities such as an acquisition of the shares it doesn't already own in Hochtief or a merger of the two companies

** ACS shares are down 0.4%

** ACS owns around 76% in Hochtief, according to LSEG data

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