Construction giant Leighton raises stake in Macmahon

The construction and engineering firm has increased its stake from 14.9 per cent to 16.99 per cent through a series of on-market purchases and participation in Macmahon's dividend reinvestment plan.

Leighton, which is 55 per cent owned by Germany's largest builder, Hochtief, and Macmahon last year formed a partnership after the initial share raid.

Leighton had approached Macmahon in July 2007 about taking a 30 per cent stake in the company and forming a partnership, but the advance was rebuffed by the mining contractor.