Hochtief Airport Unit Sale In 'Couple Of Weeks'

September 27, 2011

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German builder Hochtief is in final negotiations to shed its airport unit and expects to sell the division in coming weeks, chief executive Frank Stieler said on Tuesday.

"We are holding final talks and will be signing (the sale contract) in the next couple of weeks," Stieler said, without providing more details.

HNA Group, the parent of China's Hainan Airlines and France's Vinci remain contenders, each with offers of almost EUR€1.5 billion (USD$2.1 billion), two people familiar with the procedure said earlier this month.

A consortium of Germany's Fraport and Deutsche Bank's fund management arm RREEF had previously dropped out of the bidding race for the airport unit, leaving only two contenders.

Hochtief had said before that it had received "strong offers" and that it was happy with the bidding process.