18-Aug-2011 11:25 AM

Hochtief 'very satisfied' with sale process of airport portfolio: CEO

Hochtief CEO Frank Stieler stated the company has received offers for its airport portfolio, without disclosing how many bidders are in the process (Dow Jones Newswires, 17-Aug-2011). He did however say Hochtief is "very satisfied" with the sale process. The deal, reportedly valued at more than EUR1 billion, is expected to close this year, Mr Stieler said. He also stated Hochtief will reduce its executive board to three members from five in the course of the takeover by Actividades de Construccion y Servicios SA. Former CEO Herbert Luetkestratkoetter and former concessions head Peter Noe left the company following the ACS takeover earlier this year. Hochtief CFO Burkhard Lohr is also leaving the company, with Mr Stieler stating the search for a successor is "well advanced". Further details are expected in the coming weeks.

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