MUNICH (Thomson Financial) – Bilfinger Berger AG considers that its expansion drive despite the postponement of the IPO of its Australian business is not thwarted . (Photo : Bilfinger Berger)
The group wanted to expand its services business through acquisitions , said CEO Herbert Bodner on Wednesday evening with an interview with the Business Press Club of Munich.
Bilfinger Berger had moved in early July the IPO of the Australian business because of the difficult market situation indefinitely. The IPO is to reduce a substantial part of the strategy, the construction business by two thirds to EUR 2 billion and in return, the higher margin and less cyclical and less risky to expand services business . Due to the volatile capital market situation, the company could not enforce his price expectations , however .
"We can spend EUR 300 million for acquisitions , "said Bodner. This is independent of an IPO of the Australian business. Including the proceeds from an IPO stood Bilfinger Berger about 1 billion EUR. If a good acquisition opportunity arise , Bilfinger will also find a financing option , the manager was confident . "We will not let opportunities draw . "
Bodner stressed , however, that Bilfinger Berger will be received by any financial adventures acquisitions . "We have a very selective approach. " Fault , the group would not be so . Exorbitant prices would not pay Bilfinger Berger. "People must be able to say no . "
Bilfinger Berger has been taken over mainly small and medium enterprises. The last major acquisition was the takeover of the Austrian MCE for 350 million EUR, the Bilfinger had financed partly through a capital increase.
Bilfinger will expand all three branches of the service , so Industrial Services, Power and Building Services and Facility Services. The company looks to Germany less than a lot more to Europe. "Maturity " over candidates there but not currently as the CEO.
On the IPO plans for the Australian business holds Bodner. In the current year but it would be no second attempt more, he reiterated earlier statements. The next option would be for purely technical perspective, the spring of 2011 – when the markets played a role .
"We have no pressure to sell , "confirmed Bodner. Sold only at a reasonable price would be – it is the same for a possible sale to a strategic investor. This plan had Bilfinger pursued simultaneously with the offering. However, this option is the more difficult option, both as regards the size of the Australian business as well as possible antitrust problems. Moreover , according to Bodner were too many "bargain hunters "on the road .
On the outlook for the current year, the shift has no effect. The Australian subsidiary is represented in the group as a discontinued operation . For continuing operations , the Group in 2010 from an increase in performance and a disproportionate increase in EBIT and net profit. Medium term, the EBIT margin be at least 4%.
For the second quarter declined to comment to the CEO.
2009, the services business represented in continuing operations , 75% of Group revenues and 89 % of EBIT. Nevertheless, Bilfinger Berger will not be fully disconnected from the construction business. Bodner pointed to a high degree of synergy potential, which could recoup the company by offering the entire value chain from planning to construction to operation and maintenance. "This is core business. "
Website: www.bilfinger.de
- By Natali Schwab , Dow Jones Newswires , +49 ( 0) 69-29725 119
consumer.de @ dowjones.com
DJG / nas / jhe / ISJ
