German construction giant Hochtief has upped the anti on Australian subsidiary Leighton Holdings, launching a bid to increase its stake in the Australian giant from 58.77 percent to 74.23 percent.

In a statement released to the Australian Stock Exchange on Monday, Hochtief said it had launched a conditional, proportional cash and dividends offer to acquire three out of every eight shares in Leighton it did not currently own for $22.15 per share. In a statement, Hochtief said the offer would…