Spanish construction group ACS has moved one step closer to seizing control of Leighton Holdings Ltd's (ASX:LEI) German parent Hochtief.
ACS said it had a total 29.27 per cent of voting rights in Hochtief, up from 27.9 per cent on Friday.
The company is assured to reach a key 30 per cent shareholding by a regulatory deadline today.
Passing the 30 per cent threshold will give ACS the right under German regulations to buy shares in the market in a bid to increase its holding to its targeted 50 per cent.
A spokesman for ACS says the company is likely to know precisely how many shares it will be able to buy by January 4, 2011.
For the year ended 30 June 2010, Leighton Holdings reported a net profit of $615 million.
LEI Price at posting:
$30.48 Sentiment: None Disclosure: Held
