Itel purchased a 12.3% stake in a marine firm.

Itel, a San Francisco-based equipment leasing concern, said it paid $15.5 million to acquire 348,700 shares of Great Lakes International, an Oakwood, Ill., dredging and marine construction concern, in open market and privately negotiated transactions. Itel said it is now the largest stockholder of Great Lakes and intends to approach the firm to discuss a possible acquisition of Great Lakes.