(MENAFN) Germany-based Hochtief intends to increase its stake in Australian construction giant Leighton Holdings, Xinhua reported
Hochtief Australia Holdings said that it plans to offer USD20.07 per share to acquire three out of every eight shares held by Leighton shareholders
If all Leighton shareholders accept the offer, Hochtief's stake in the firm will increase from 59 percent to 74 percent in a USD1.04 billion deal
The German company said that it also intends to increase its representation on the Leighton board to reflect the majority interest it holds in the company
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