Hochtief Airports Sale Process On Hold
German construction company Hochtief has put the auction of its airports business on hold after failing to sell the unit in 2011.
"The market environment is more difficult than expected," a company spokesman said. "It remains a strategic goal to sell Hochtief Airports."
The company started the sales process in May 2011, expecting to fetch around EUR€1.5 billion (USD$1.9 billion) for stakes in airports in Athens, Budapest, Sydney, Tirana and the German cities of Dusseldorf and Hamburg.
"The sales process is currently dead in the water," a person representing one of the buyers said on condition of anonymity.
French construction group Vinci, China's HNA Group, parent of Hainan Airlines and a consortium of airport operator Fraport and Deutsche Bank fund RREEF had been among the bidders.
After Spanish construction firm ACS bought a majority stake in Hochtief, the board member of the airports business, Martin Rohr, left the business.