Hochtief's decision to acquire full ownership of Thiess is a logical and strategically positive move that simplifies the group's structure, Bernstein analysts say in a research note. The analysts expect the transaction to have a modest positive impact on earnings in 2026, with the full financial benefit becoming visible in 2027. Bringing the mining services business under full ownership strengthens Hochtief's portfolio and enhances its long-term earnings outlook, they say. Previous acquisitions have reduced the construction company's exposure to thermal coal while improving its diversification across commodities and customers, they add. Shares trade 1.1% lower at 490.8 euros. (nina.kienle@wsj.com)