There have been significant changes at the top of one of Australia’s biggest companies, Leighton, as its Spanish-owned German parent company Hochtief seeks to lift its stake.
Chief executive Hamish Tyrwhitt and chief financial officer Peter Gregg have had their contracts terminated.
Marcelino Fernandez Verdes, the current chief executive of Hochtief will now be in charge of Leighton.
On Monday, Hochtief announced plans to increase its stake in the company from 59 to as much as 74 per cent, and was offering $22.15 plus the most recent dividend of 60 cents.
The German firm’s offer is to buy three out of every eight Leighton shares it does not already own.
It has now increased that offer to $22.50 plus the dividend.
Leighton shares were in a trading halt, having last traded at $22.24.