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- Liva & Laia : 15th November
German construction group Hochtief aims to raise as much as 1 billion euros by floating a minority stake in its Concessions infrastructure business in what would be Germany's biggest IPO in two years. The issue will be Germany's first major initial public offering (IPO) since diesel engine maker Tognum's 2.1 billion euro ($3.12 billion) listing in 2007, before markets were crimped by the global economic crisis.
Hochtief will offer new and existing shares for between 24 to 29 euros each from Nov. 20 to Dec. 3 and sees the potential proceeds ranging from 882 million euros to 1.005 billion euros, it said in a statement on Thursday.
The number of shares will be adjusted so that Hochtief will keep at least about 51 percent in the business, it said. The stock market listing is set for Dec. 4.
Hochtief and its local rival Bilfinger Berger have both announced plans to float parts of their businesses, reversing a delisting trend in infrastructure assets.
Hochtief is turning to a listing of its Concessions unit to boost valuation and raise cash for new projects, while Bilfinger is looking to float its Australian construction and infrastructure unit to move further into services.