Leighton Holdings has rescued a A$4.8bn ($3.5bn) Australian road project and its underwriter Macquarie Group by striking a deal with a dissident shareholder trying to shut down the development, reports Bloomberg. Leighton, Australia’s biggest construction company, paid A$4.5m for voting rights on the stake of Nicholas Bolton, who was pushing to liquidate BrisConnections, manager of the Queensland toll road project. Macquarie, as lender, underwriter and shareholder, stood to lose almost A$300m if shareholders had voted to terminate BrisConnections.

This entry was posted by Gwen Robinson on Wednesday, April 15th, 2009 at 3:22 and is filed under Capital markets. Tagged with BrisConnections, Leighton Holdings, macquarie. Edit this entry.