Majority shareholder, Hochtief, has increased its stake in Leighton Holdings to 55.96% from 53.5% under the creep provisions which allow it to acquire up to 3%...

Majority shareholder, Hochtief, has increased its stake in Leighton Holdings to 55.96% from 53.5% under the creep provisions which allow it to acquire up to 3% every 6 months. These on-market purchases signal an intention to break a longstanding but non-binding agreement which states that the Hochtief would not increase its holdings above 55%. J.P.Morgan believes that Hochtief sees value at the current share price and so intends to increase its stake without paying a control premium. Citi has upgraded Leighton from a sell to a neutral recommendation citing that the creep should provide near-term price support for the stock.