Leighton appeals to Takeovers Panel

Leighton Holdings Ltd has asked the Takeovers Panel to ensure that it remains an
independent entity if its German parent Hochtief is taken over by Spanish group
Actividades de Construccion y Servicios (ACS).
"Leighton seeks final orders including that ACS and Hochtief commit to maintaining
Leighton's independence from Hochtief and ACS in the event that ACS obtains control
of Hochtief", the Takeover Panel said in a statement on Tuesday,
"Alternatively, Leighton submits that ACS must make an unconditional off-market cash
takeover bid to Leighton's non-Hochtief shareholders at a price that is determined
by an independent expert to be fair and reasonable and which includes a control
premium."
ASC last month made a euro 2.76 billion ($A3.89 billion) all-share offer for the 70
per cent of Hochtief it did not own.
Leighton is 54.5 per cent held by Hochtief.
"(Leighton says) ACS's acquisition of shares in Hochtief is contrary to the equal
opportunity principle," the Takeovers Panel said.
"It also submits that the failure by ACS to commit to the protection of Leighton's
minority shareholders constitutes unacceptable circumstances."
The Takeovers Panel said no decision had been made whether to conduct proceedings.



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