Hochtief ups stake in Leighton

Leighton's major shareholder has ignored a long standing agreement between the two groups and plans to increase its stake in the construction group.

Leighton Holdings Ltd has been told by controlling shareholder, Hochtief that it has increased to 54.96 per cent and plans to creep up the construction giant’s register, according to The Australian Financial Review.

The AFR understands Hochtief, which has approval from the Foreign Investment Review Board, has told Leighton it intends to keep the contractor as an ASX-listed company but has not specified by how much it plans to lift is stake.

Hochtief chief executive, Marcelino Fernandez Verdes, wrote to Leighton saying his group has acquired 4.8 million Leighton shares, and giving notice it intends to buy more shares

 Australian law allows Hochtief to aquire 3 per cent of Leighton per six months.