I'm thinking Spanish takeover.I am now thinking German...

I'm thinking Spanish takeover.

I am now thinking German takeover.

Don't take this the wrong way, but you need to do bit more reading about who owns Hochtief.

Here's a hint: Grupo ACS. Pesonally I don't see why Grupo/Hochtief need to put a takeover offer on the table. They can just keep topping up under the creep provisions without having to make an offer at a premium to all shareholders. They have all the time in the world.