The Foreign Investment Review Board will not stand in the way of German-based Hochtief's $1.2 billion bid to increase its stake in construction giant, Leighton Holdings.

Lawyers for Hochtief on Friday said the FIRB had told it it would not oppose the takeover move. “… Hochtief has received notification from FIRB that there are no objections to the acquisition by Hochtief of all the Leighton shares to which the offer relates under the Australian government’s foreign…