Hochtief AG suspends plans to launch IPO for concessions unit
Germany’s Hochtief AG suspended plans to launch an IPO for its concessions unit, due to recent losses in international capital markets (Bloomberg, 03-Dec-2009). The company was planning to sell up to 49% of the unit for EUR24 to EUR29per share, but reportedly failed to gain interest in the sale from investors. Hochtief added that an "under-value sale is out of the question” in the future.
Hochtief: “As a result of the most recent disturbances in the international capital markets, the capital market environment has deteriorated decisively. Under these conditions, the target value defined by the two companies cannot be realised,” Statement. Source: Bloomberg, 03-Dec-2009.