SYDNEY (AFX) - Investment bank Macquarie Bank Ltd is considering making a takeover offer for German construction and services company Hochtief AG, Australian business magazine BRW reported without citing sources.
It said Macquarie Bank declined to comment on the speculation that it is interested in acquiring Hocthief which holds a controlling 53 pct interest in Australia's largest construction company, Leighton Holdings Ltd.
BRW said takeover plans for Hochtief, capitalised at 2.4 bln eur, will be another major deal for Macquarie Bank chief executive Allan Moss, following on from this week's announcement that the bank had been the successful bidder for Norwegian explosives maker Dyno Nobel.
'BRW understands from sources close to the deal that a takeover strategy for the Hochtief purchase involves breaking up the German company's assets which includes toll roads, airports, European construction and facilities, the US construction company Turner Corp, and the majority stake in Leighton,' the magazine said.
It said a Macquarie Bank listed fund, Macquarie Airports, is seen as a natural buyer of selected airport assets, including Hochtief's 5.4 pct stake in Sydney Airport, and other assets cound be sold to other Macquarie Bank funds or the highest bidder.
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