German construction giant Hochtief has taken advantage of the recent slip in the share price of Leighton Holdings Limited
(ASX:LEI) to top up its stake in the Australian company.
A series of media reports focusing on corruption allegations involving some aspects of Leighton’s operations triggered a sell-off in the company’s share price from around $20 last month to close today at $17.28.
Hochtief says it’s bought a further 450,000 shares in Leighton, raising its stake in the company to 56.52 per cent from 56.39 per cent. Hochtief has not topped up its Leighton’s holding since mid-year when it acquired 8.4 million shares over several days of trading.
Leighton has told shareholders it is co-operating with the Australian Federal Police which has been investigating allegations of corruption involving parts of the group.
Leighton generated a net profit of $360.2 million in the first half of fiscal 2013.
