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| Hochtief subsidiary CIMIC enters sale agreement with Elliott for 50% of Thiess CIMIC Group, in which Hochtief holds a 77.4% stake, announced that it has entered into an agreement with funds advised by Elliott Advisors (UK) regarding the acquisition by Elliott of a 50% equity interest in Thiess, the world's largest mining services provider. Elliott is one of the oldest fund managers of its kind under continuous operation and manages more than USD 40 billion in assets, including equity positions in private and listed companies, in Australia and globally. Thiess delivers open cut and underground mining in Australia, Asia, Africa and the Americas, providing services to 25 projects across a range of commodities. It has a diverse fleet of plant and equipment of more than 2,200 assets, a team of around 14,000 employees and generates annual revenues in excess of AUD 4.1 billion. Thiess is included in CIMIC's Mining and Mineral Processing segment with CIMIC company Sedgman, a leading provider of minerals processing and associated infrastructure solutions to the global resources industry. CIMIC will retain 100% of Sedgman, generating AUD 400 million of annualized revenues with normalized profit before tax margins of around 10%. write your comments about the article :: © 2020 Construction News :: home page |