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 investment policy,” the lawyers said in their statement.
“The offer is now unconditional and, accordingly, any contract arising from the acceptance of the offer is now binding.”
Hochtief will lift its stake in Leighton from 58.77 per cent to a maximum of 73.82 per cent, for a total price of about $1.2 billion.
Earlier this year, Leighton axed chief executive Hamish Tyrwhitt and chief financial officer Peter Gregg, in line with Hochtief’s request to change Leighton’s management and board.