|
contents | news | |||||||||
| Hochtief subsidiary on verge of major acquisition Hochtief‘s Australian subsidiary Leighton Holdings Limited is engaged in negotiations to take over 15 mining operations from Henry Walker Eltin Group Ltd. (HWE) in Australia and New Zealand. The transaction is expected to have a volume of approximately EUR 134 million. A Heads of Agreement has been concluded and the negotiations are planned to be completed by December this year. The mining operations are handled within the framework of contract mining arrangements. Leighton will take over responsibility for the production of raw materials, especially iron ore, on the basis of long-term contracts. The combined annual turnover of all 15 mines is roughly EUR 406 million. The acquisition would boost the work in hand volume of Leighton by almost EUR 1 billion. Some 1, 600 HWE staff would be taken on. Activities in iron ore production—an important field given the large quantities of natural resources needed for steel manufacturing in China and in other fast-growing national economies—are stepped up particularly. write your comments about the article :: © 2005 Construction News :: home page |