Leighton Majority Shareholder To Pay $1B To Boost Stake

Law360, New York (March 10, 2014, 1:56 PM EDT) -- German construction giant Hochtief AG plans to launch a AU$1.16 billion ($1.04 billion) conditional takeover of Australian construction company Leighton Holdings Ltd. that would raise Hochtief’s majority stake in Leighton to just under 75 percent, the companies announced Monday.

Hochtief plans to make a conditional, proportional off-market offer by the end of the month to acquire three out of every eight shares held by other Leighton shareholders for AU$22.15 per share, Hochtief said in a statement Monday. The proposed offer represents an 18.8 percent premium over...
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