Earlier Qatar said it was to buy a 9.1 percent stake in Hochtief for $530 million
Hastings Funds Management is looking to sell its 50 percent stake in Hochtief Airport Capital (HTAC), a move that could help German builder Hochtief with the sale of its concessions unit, sources said.
Infrastructure funds managed by Hastings, including its listed Australian Infrastructure Fund (AIF), own 50 percent of HTAC which, in turn, owns stakes in international airports in Duesseldorf, Hamburg, Sydney and Athens, where Hochtief also has stakes through its Hochtief Concessions unit.
Sources familiar with the matter said on Monday no buyer for the 50 percent stake had yet been found but Hastings was liaising with Hochtief management so a sale could show value in the airports to boost the German builder's chances of a sale in the concessions unit in 2011.
Hastings and Hochtief were not available for comment.
According to AIF, its 40 percent stake in HTAC was valued at $301 million at the end of June. With a similar valuation for the remaining 10 percent stake of Hastings, the 50 percent stake in HTAC could be worth A$382 million.
Separately on Monday, Qatar said it was to buy a 9.1 percent stake in Hochtief for $530 million, adding muscle to the German builder's fight against a hostile takeover approach from Spanish rival ACS.(Reuters)