Hochtief AG was fined for insider trading of Leighton Holdings Ltd. shares by Australia’s market regulator in the lead up to its A$1.16 billion (U.S.$825 million) bid for the rest of the construction company.
The Essen, Germany-based builder, owned by Actividades de Construccion & Servicios SA, was ordered to pay A$400,000 by the Australian Securities & Investments Commission, as well as A$50,000 for legal fees and to donate the notional profits of the deal to Australian charities, according to a statement.
Financial Results.
The case concerns information Hochtief Chief Financial Officer Peter-Wilhelm Sassenfeld received in January, 2014 about Leighton. ...
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