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Going once

15 December 2010 By Fiona Maharg-Bravo

The Spanish construction group has upped its allshare offer for German peer Hochtief by 12.5 pct. It looks pointless. There are no rival bids, and the offer’s still below Hochtief’s share price. But the move may give underfire Hochtief managers a facesaving way to enter talks.

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