Hochtief to launch airports IPO by the end of the year

Germany's Hochtief announced plans to launch an initial public offering (IPO) of its airports division, which it values at EUR1.54 billion, by the end of 2009 (Reuters, 22-Sep-09). A shortlist of banks already selected to manage the IPO reportedly includes Deutsche Bank, Commerzbank, Morgan Stanley and HSBC. Hochtief holds stakes in airports in Hamburg, Athens and Sydney.