WALTER BAU, Germany's third largest construction company specialising in public works, has been partially taken over by the Austrian STRABAG (annual turnover of 7.5 billion EUR with 37,000 employees) for an undisclosed sum. STRABAG has in fact acquired the newly-created company, DYWIDAG Holding, which encompasses four subsidiaries of WALTER BAU, regrouping activities in Austria and in other countries, road-building, engineering and the construction of “key in hand” properties, representing a total volume of activities of around 1.2 billion EUR and 4,100 employees out of the total 9,000 employed by the German group.