Hochtief says ACS should also bid for Leighton of Australia

6th October 2010, Comments 0 comments

German construction group Hochtief, targeted by a takeover offer from dominant shareholder ACS, wants to force ACS to bid also for the Australian subsidiary Leighton, a statement said late on Tuesday.

Hochtief executives have sent a letter detailing their demand to the Australian financial markets watchdog, ASIC.

The aim of the letter "is to require ACS (Actividades de Construcción y Servicios) to also make a takeover offer for Australian Leighton Holdings Limited in the event of acquisition of effective control of Hochtief," the German group said in a statement.

Hochtief owns 54.5 percent of the shares in Leighton, which has posted about 13 billion euros (18 billion dollars) in sales, mainly in Asia.

ACS, which owns just under 30 percent of Hochtief, has made an all-share offer for the outstanding equity, which Hochtief says does not represent fair value for the group.

© 2010 AFP

0 Comments To This Article