Ann: Leighton Holdings Targets Statement , page-2

What are the chances of HOCHTIEF's shareholding in Leighton increased to 70% or more ?


What are the chances of HOCHTIEF's shareholding in Leighton increased to 60% or more ?


What are the chances of HOCHTIEF's shareholding in Leighton increased to 50% or more ?

IMHO this a higher probability.

Most with Leightons see it as longer term value to add to holdings, like others times when up and times when down.




# 2.1 Reduced liquidity in Leighton Shares


Even with higher % holding the expected reduction in 'free float' which may occur if HOCHTIEF substantially increases
its majority shareholding in Leighton, IMHO the liquidity of Leighton Shares may be more an issue for larger short term players and traders rather than longer term investors.

The offer being for 3/8 of holdings suggests they wish Leighton to retain some independence, however as with any larger shareholder for them to have additional influence when decisions to be made.

This can work for good or bad.




# 2.2 Removal from S&P/ASX indices

Again this more a liquidity issue likely to effect larger corporate traders or index follers.

# 2.3 HOCHTIEF’s capacity to exert influence over Leighton’s business

At moment am neutral, as perhaps not such a bad things.



# 2.4 Risk factors relevant to your decision whether or not to accept the Offer


Am not sure this will make things much higher than already there, as recent obtained holdings.