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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (3362)	5/9/2013 12:13:06 PM
From: richardred	Respond to of 7243

M & A Activity in the Airport related sector. Humm I wonder if Mr. Swenson is thinking the same thing on a much smaller scale? HOCHTIEF sells airports business to pension fund manager ] Proceeds of approximately EUR 1.1 billion, subject to closing adjustments Acquisition with retroactive effect as of January 1, 2013 Closing of transaction planned for second half of 2013 HOCHTIEF Aktiengesellschaft, Essen, Germany, has on May 7, 2013 entered into a sale and purchase agreement with a subsidiary of the Public Sector Pension Investment Board, Canada (PSP Investments) for the sale of all shares in HOCHTIEF AirPort GmbH, Essen. The transaction will have retroactive economic effect as of January 1, 2013. HOCHTIEF AirPort is one of the leading airport investors and managers in the world and holds participations in the airports of Athens, Budapest, Düsseldorf, Hamburg, Sydney and Tirana. Combined, these airports handle approximately 95 million passengers annually. The transaction effects a deconsolidation of assets in the value of approximately EUR 1.5 billion. This includes minority interests of some EUR 0.4 billion. The transaction proceeds are approximately EUR 1.1 billion, subject to closing adjustments. HOCHTIEF expects no significant extraordinary earnings impact from the transaction. The transaction is subject to certain conditions precedent, including approval by the competent authorities if required and other required approvals. Closing is expected in the second half of 2013. "The transaction is the result of a very competitive tendering process. We will use the released funds as planned to reduce debt and to invest in the operating infrastructure business. The transaction will further strengthen HOCHTIEF’s financial and competitive position," says Marcelino Fernández Verdes, CEO of HOCHTIEF. hochtief.com