The review Panel, Geoff Brunsdon, Norman O’Bryan AM SC (sitting President) and Karen Wood, declined to make a declaration of unacceptable circumstances in relation to the affairs of Leighton Holdings Limited on an application by HOCHTIEF Aktiengesellschaft to review the initial Panel’s decision in Leighton Holdings Limited 02. The Panel did not consider that the circumstances were unacceptable.

The Panel, Paula Dwyer, Simon Mordant (sitting President), and Ian Ramsay declined to conduct proceedings on applications by Leighton Holdings Limited and HOCHTIEF Aktiengesellschaft in relation to the affairs of Leighton. The applications concerned whether governance arrangements between Leighton and Hochtief, or a downstream bid for Leighton, should be ordered following the announcement of the proposed acquisition of additional shares in Hochtief by Actividades de Construcción y Servicios SA. The Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable and no reasonable prospect of it reversing an ASIC decision not to modify the law.