Hochtief eyes 170 million euros for services division: report

FRANKFURT Sat Mar 2, 2013 10:17am EST

Employees of German construction company Hochtief work on a construction site in downtown Hamburg, February 26, 2013. REUTERS/Fabian Bimmer

Employees of German construction company Hochtief work on a construction site in downtown Hamburg, February 26, 2013.

Credit: Reuters/Fabian Bimmer

Related Topics

FRANKFURT (Reuters) - German construction group Hochtief (HOTG.DE) is expecting up to 170 million euros ($221 million) for the services division it is selling, a German magazine reported on Saturday.

Interest from a range of European companies has driven up the price, Wirtschaftswoche reported, citing an unnamed manager.

Finland's YIT (YTY1V.HE), Denmark's ISS ISSAS.CO, Vinci (SGEF.PA) and Cofely of France, Austrian group Strabag (STRV.VI) and German rival Bilfinger (GBFG.DE) were interested, the magazine said.

Hochtief, controlled by Spain's ACS (ACS.MC), said on Thursday it would sell its service businesses, which have more than 5,500 employees, as part of plans to focus on traditional construction activities.

Sources close to the company said Hochtief was expecting interest from numerous parties.

Hochtief declined to comment, while Vinci, Cofely parent GDF Suez (GSZ.PA), and Strabag were not immediately available for comment.

Bilfinger declined to comment specifically on the report, with a spokesman saying only that Bilfinger has had for years a strategy to grow via acquisitions. ($1 = 0.7702 euros)

(Reporting by Matthias Inverardi, Gus Trompiz and Myria Mildenberger; writing by Victoria Bryan; editing by Ron Askew)

FILED UNDER: