The largest construction company in Germany, Hochtief AG announced its plan to purchase more stocks in Leighton Holdings Ltd. It had recently raised its stake to 55% in the Australian builder with a purchase worth Aus$74 million or US$69 million.

Hochtief, whose majority shareholder is Actividades de Construccion & Servicios SA of Madrid, bought about 4.8 million shares in Leighton, which is based out of Sydney. The transaction was confirmed by the two companies through separate statements. No price was provided in the announcement.

As a result of the announcement, Leighton shares fell by 2.2% to Aus15.45 at market close in Sydney. At this share price, the enterprise value of the company was at Aus$74.2 million.

According to Hochtief CEO Marcelino Fernandez Verdes through a company statement, "We see Leighton as a strategic investment and as our core business because of excellent growth opportunities and a very good market position. We intend to further increase our share in Leighton."