No Australian Roadblock For ACS In Bid For Hochtief

Law360, New York (November 8, 2010, 5:11 PM EST) -- Satisfied with Actividades de Construccion y Servicios SA's assertion that it has no intention of taking operational control over Leighton Holdings Ltd., Australia's Takeovers Panel has declined to block the Spanish building giant's $3.8 billion bid to buy Germany’s Hochtief AG, Leighton’s majority shareholder.

The decision is based on ACS' willingness to leave the future of Sydney-based Leighton — Australia's largest building and energy contracting company, with a $10 billion market capitalization — to its Australian board, Leighton said Monday.

Leighton Chairman David Mortimer, whose company...
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