Thiess may be up for sale JUST when it seemed the auction for various divisions of Leighton Holdings was drawing to a close, there’s speculation one of the best parts of the business — engineering and services provider Thiess — could be coming up for sale. A deal to sell Thiess — an accomplished builder of complex infrastructure, resources and building projects — could net the Spanish-controlled company about $2 billion, according to one prediction. But such a move would take the annual turnover of the iconic Australian builder from about $24bn to less than a quarter of that amount, cementing earlier fears that Leighton would be subject to somewhat of a liquidation process should it fall to Spanish control. The Spanish owners of Leighton apparently want to secure $3bn through asset sales, adding weight to the suggestions that Thiess could be next on the block. Since a proportional takeover last year, Leighton has been almost 70 per cent owned by Hochtief, which is controlled by ACS from Spain, and has collected $1.5bn in cash through the sale of its services assets and contractor John Holland before Christmas. A deal to sell Leighton Properties to Stockland was also imminent, but collapsed before Christmas Eve. Continue reading >>> bit.ly/1KERMEI
Posted on: Tue, 13 Jan 2015 08:49:32 +0000
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