Project developer Leighton Holdings Ltd (ASX:LEI) has appealed to the Australian Government Takeovers Panel to protect its interests if its German parent Hochtief is acquired by a Spanish construction company (Actividades de Construccion y Servicios) that last month bid for the 70 per cent interest of Hochtief it did not already own.
Leighton is concerned that if the takeover went ahead its independence would be comprised as Hochtief currently has a 54.4 per cent controlling stake in Leighton.
A statement from the Takeovers Panel says that Leighton is asking for the regulator to ensure that the potential suitor's voting rights are limited to 20 per cent of its shares.
Alternatively Leighton asks that the Spanish company makes a bid to buy out the minority interest in Hochteif, which is near 45 per cent.
Leighton says that the proposed takeover offer is contrary to the equal opportunity principle and constitutes unacceptable circumstances.
Leighton Holdings posted a $615.13 million profit in the 2010 financial year.
LEI Price at posting:
$37.01 Sentiment: None Disclosure: Held
