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| ACS acquires an additional 5% of Unión Fenosa Spanish construction and services group ACS has acquired an additional 4.83% of Unión Fenosa, raising its stake in the electricity utility to 45.3%, in a transaction valued at 655 million euros. Unión Fenosa has been fully consolidated in the ACS Group's accounts since January of the past year, and from that time has made up the Group's Energy Business area, which is additional to the Group's Construction and Concessions, Environment and Logistics and Industrial Services areas. Unión Fenosa is the first energy company in Spain with an integrated gas and electricity business, and is present in all links of the energy business chain, from the supply of fuel to the marketing of gas and electricity. Nearly 45% of Unión Fenosa's estimated sales for 2007, which amount to approximately 5,700 million euros, are international, and the company has launched a strategic plan for 2007-2011, called Plan BIGGER, which foresees investments of up to 9,000 million euros in this period and seeks to duplicate the company's profits. write your comments about the article :: © 2008 Construction News :: home page |