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11-Feb-2009 11:18 AM

Hochtief caught in flag carrier concerns and German construction downdraft - share wrap

Analysis

Hochtief shares slumped 10.2% yesterday amid a broader market fall of 3.5% on the German Dax. Hochtief was hit as Germany's second-largest construction company, Bilfinger Berger, issued a profit warning for 2009.

Meanwhile, Hochtief's airport unit faces the uncomfortable spectre of troubled flag carriers at its Budapest (Malev) and Athens (Olympic) airport investments. Malev has seemingly found a fresh investor in a Russian Bank, while Olympic's sale process is limping along with one reported potential buyer.

Selected airports daily share price movements (% change): 10-Feb-09

Source: Centre for Asia Pacific Aviation & Yahoo! Finance.

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