Major upheaval at Leighton

摘要

Johns and non-executive directors Wayne Osborn and Ian Macfarlane resigned due to a perceived breakdown in relations with major German shareholder Hochtief, which they accused of no longer supporting an independent board at Leighton. Hochtief owns 53.4% of Leighton's issued shares but does not have majority board control. Leighton's fears of losing its independence arose when Spanish contractor Actividades de Construccion y Servicios (ACS) signalled its intention to gradually increase its 25.08% shareholding stake in Hochtief in 2009.