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Hochtief AG Raises Leighton Holdings Ltd Stake To Expand In Asia-Reuters


Sunday, 30 Jun 2013 06:04pm EDT 

Reuters reported that Hochtief AG the German unit of Spanish construction company has increased its stake in Leighton Holdings Ltd taking advantage of a share price slump to raise its exposure to fast-growing Asian markets. The German builder boosted its stake in the Australian company by 1.6 % to about 55 % and plans to increase it further, depending on market conditions. Hochtief paid at least AUD69 million ($64 million) for the stake, based on the June 21 intraday low of A$14.40, the stock's lowest price in more than two years.