There are reports this morning that a Spanish construction company is looking to acquire a major stake in Leighton Holdings Ltd (ASX:LEI) largest shareholder Hochtief.
A report in The Australian says Actividades de Construccion y Servicios, a construction giant from Spain, is already Hochtief's biggest shareholder with almost 30% control of the company.
The paper says the company is looking at making an offer to purchase a controlling stake in Hochtief, to give it better value for its investment and provide the Spanish company with better geographical reach.
The Australian says ACS operates mainly in Europe, North and South America and Africa, whereas Hochtief has a presence all over the world.
Hochtief owns 55% of Australian construction major Leighton Holdings.
Leighton Holdings reported a profit of $615.13 million for the year to June 30, 2010.
LEI Price at posting:
$32.82 Sentiment: None Disclosure: Held
