LEI Leighton Fpo

   By Ross Kelly 
 

SYDNEY--Germany's Hochtief AG (HOT.XE) moved to tighten its grip on Leighton Holdings Ltd. (LEI.AU) on Monday, saying it will offer 1.16 billion Australian dollars (US$1.05 billion) to increase its controlling stake in Australia's biggest construction company.

Hochtief, which is controlled by Spanish builder Actividades de Construccion y Servicios SA, said it will offer A$22.15 for three out of every eight shares currently held by other Leighton shareholders. The bid represents a premium of 6.9% to Leighton's closing price of A$20.72 on Friday. It would raise Hochtief's interest in the company to 74.23% from 58.77%.

Write to Ross Kelly at ross.kelly@wsj.com

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