Spanish building giant ACS has secured regulatory clearance from the European Union to take control of Leighton Holdings Ltd (ASX:LEI) parent, Hochtief.

ACS, Spain's largest builder, has been trying to take control of Germany's top builder because of its low borrowings and lucrative 54.5 per cent stake in Leighton.

The EU competition watchdog, the European Commission, said the deal would not pose any competition concerns as the companies were predominantly active in different countries.

ACS is mainly active in Spain and, within the European Economic Area, Hochtief operates primarily in Germany and neighbouring countries.

"In the specific markets of construction services, facilities management services and motorway concessions where the companies have overlapping activities, these are very limited and do not lead to any competition concerns," the Commission said in a statement.

Leighton posted a net profit of $615 million for the year ended 30 June 2010.

With Reuters