08 May 2008
Germany: Hochtief has announced its intention to bid for the48.7% share of Züblin formerly owned by Walter Bau. The stake is currently held by Bayerische Landesbank (LB), one of Walter Bau's creditors. There are two other bidders for the shares ” the Lenz family and Strabag. The Lenz family already owns 43% of Züblin, and has offered a reported € 62 million (US$ 48 million) for LB's shares. Strabag recently acquired 4.8% of Züblin through its acquisition Dywidag Holdings ” formed from parts of the insolvent Walter Bau group ” and has offered € 58 million (US$ 45 million) for LB's holding.