News: Hochtief ups Leighton stake

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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.