Bilfinger Berger, the German multiservice group, said this week that it plans to proceed with the sale of its Australian business via an initial public offering during the first half of this year.
The sale, which could net it as much as A$1.5 billion (€960 million; $1.3 billion) is part of the group’s strategy to reduce the output volume of its construction business from the €6 billion recorded in 2008 to around €2 billion in the medium term, the company said in a statement.
Plans for the listing of its Australian business – which includes construction units Abigroup and Baulderstone – were first announced in November last year. At the time, the group said the sale was intended to free up capital to invest in the services sector, especially in Europe. Bilfinger Berger Australia is expected to generate an output volume of €2.6 billion this year, the company said.
Local newspaper The Australian said the IPO could be the biggest in the country since the onset of the financial crisis. It also reported that Macquarie and Goldman Sachs JBWere are believed to be in pole position to advise on the IPO with Deutsche Bank and Royal Bank of Scotland also likely to be involved in some capacity.