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20.10.2020 (809 Clicks)

Hochtief Subsidiary Cimic enters Sale Agreement with Elliott for 50% of Thiess

• Valuing Thiess at AUD 4.3 billion (100% enterprise value)
• Realizing cash proceeds of AUD 1.7 billion to AUD 1.9 billion to Cimic

Cimic Group, in which Hochtief holds a 77.4% stake, today announced that it has entered into an agreement with funds advised by Elliott Advisors (UK) Ltd 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%.

Hochtief CEO and Cimic Group Executive Chairman Marcelino Fernández Verdes said: “The sale agreement reflects Thiess’ ongoing strategic importance as a core activity for Cimic. It capitalises on the robust outlook for the mining sector and, together with Elliott, we will pursue market opportunities in line with Thiess’ growth and diversification strategy.”

Transaction Overview

• Cimic and Elliott have entered into an agreement under which Elliott will acquire a 50% equity interest in Thiess, with Cimic retaining the other 50% equity interest.
• Cimic and Elliott will jointly control Thiess in accordance with a Shareholders’ Agreement which contains governance arrangements as well as Thiess’ financial and dividend policies, among other items.
• The transaction includes customary future share transfer options including a potential initial public offering or sale to a third party, and an option for Elliott to sell its interest in Thiess to Cimic between three and six years from completion.
• Exercise of Elliott’s option would enable Cimic to potentially repurchase the interest now being acquired by Elliott at the lower of today’s sale price or fair market value at that point in time, and benefits from a guarantee from Cimic’s majority shareholder Hochtief.
• Completion under the agreement is subject to customary conditions, including financing and relevant regulatory approvals.

Financial Impact

• The price for Elliott’s 50% equity interest in Thiess implies an enterprise valuation of approximately AUD 4.3 billion (based on 100% of Thiess), subject to certain adjustments.
• The transaction will strengthen Cimic’s balance sheet by generating cash proceeds on completion of AUD 1.7 to AUD 1.9 billion as well as reducing Cimic’s factoring balance by approximately AUD 700 million and Cimic’s lease liability balance by approximately AUD 500 million.
• The transaction is expected to generate a pre-tax gain for Cimic of around AUD 2.2 billion, and a post-tax gain of around AUD 1.4 billion, subject to certain adjustments.
• Cimic will retain a strategic interest in its core mining operations while maintaining a balanced and diversified business portfolio.
• Cimic’s investment in Thiess following completion of the transaction will be recorded as an equity-accounted joint venture.

Source: Hochtief AG

                     

20.10.2020 (1246 Clicks)

New Integration advances the Planning, Design and Development of Urban Environment

RobertsDay has joined the Hatch group of companies bringing together Australian thought leaders in urban solutions with global experts in infrastructure, engineering and construction.

20.10.2020 (696 Clicks)

Fugro completed a Piping Research Project in Cooperation with the Friesland Water Authority and Deltares

The research investigated the erosion of tidal sand in protective sea-dikes along the Wadden Sea coast in the Dutch province of Friesland and represents a significant development in the Dutch Flood Protection Programme. Water seeping through the dike has the potential to develop tiny channels (piping) that wash sand away and could cause the dike to fail. This critical research aims to identify conditions that influence this mode of dike failure, particularly during periods of high water.

20.10.2020 (771 Clicks)

Hatch announces new Director of Smart Port Strategy

Hatch welcomes Michael Houen as director of smart port strategy.

20.10.2020 (745 Clicks)

Skanska to upgrade Gråsjø and Trollheim Hydro Electric Power Plant Dams in Norway

Skanska signed a contract with Statkraft Energi AS for the refurbishment and upgrade of four dams and one flood gate. The contract is worth NOK 508 M, about SEK 485 M, which will be included in the Nordic order bookings for the third quarter 2020.

20.10.2020 (697 Clicks)

Congratulations: 100 Years Halbach & Braun!

100 years of innovative, reliable and customized technology from Halbach & Braun!

We are very proud to celebrate our 100th company anniversary.

Halbach & Braun is well-known worldwide for innovative and sustainable mining, equipment for open pits, quarries and much more. 100 years of experience and, above all, high-quality and reliable solutions, adapted to the demands of our customers, have been and still are the most important prerequisites for our success. We have always been able to meet the high demands of our customers and will continue to do so in the future.

19.10.2020 (588 Clicks)

GeoTHERM moves to June 2021

The date is set. The GeoTHERM changes its date and will take place on June 24th + 25th 2021 at the Exhibition Center Offenburg.

16.10.2020 (612 Clicks)

Liberty Steel Group makes an offer to acquire Thyssenkrupp Steel Europe

Liberty Steel Group, part of sustainable industry leader GFG Alliance, has today announced that it has made a non-binding indicative offer (NBIO) as part of a Thyssenkrupp-led process to acquire the steel activities of Thyssenkrupp. Liberty Steel is a global steel and mining business with annual revenues of about US$ 15 bn/ € 13 bn and 30,000 employees in more than 200 locations on four continents.

16.10.2020 (641 Clicks)

Tried and Tested Robbins TBM and Conveyor complete Ohio River Tunnel

A 6.5 km (4 mi) long tunnel for wastewater storage below Louisville, Kentucky, USA has more to it than meets the eye. “At first glance, this seems like a straightforward project, but it turned out to be much more challenging,” said Shemek Oginski, Project Manager for the contractor, a joint venture of Shea/Traylor. The 6.7 m (22 ft) diameter Robbins Main Beam TBM and conveyor system had to cope with overstress in the crown that resulted in significant rock fallout in seven different areas, as well as methane gas in the tunnel. By the machine’s breakthrough on September 22, 2020, the crew had much to celebrate.

16.10.2020 (702 Clicks)

Solmax launches online Geosynthetic Drainage Tool for Design Engineers

Geosynthetics play a vital role in the containment of solid and liquid waste in landfills, mining, energy, construction and oil & gas applications. To help design engineers accurately specify the materials needed, Solmax has launched an important online resource for engineers – its Geosynthetic Drainage Tool.