A fast track to holding Leighton

Hochtief's bid was just a matter of time. It's a quicker way to achieve clear control of Leighton than buying 3 per cent of the company every six months.

The writing was on the wall for Leighton Holdings a year ago when three independent directors, including the chairman, quit over a dispute with their majority shareholder over governance protocols. Today that shareholder, the Spanish-controlled but German-domiciled Hochtief, made it very clear those protocols will no longer apply.

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