CIMIC Group (ASX:CIM) in advanced talks to sell Thiess stake

Company News

by Kathy Skantzos

Multinational contractor CIMIC Group (ASX:CIM) is in advanced negotiations to sell a 50 per cent stake in Thiess, the world’s largest mining services provider.

The deal would provide joint control of Thiess to CIMIC and Elliott Advisors.

CIMIC expects that the negotiations will conclude in the coming weeks, with the agreement subject to regulatory approvals.

“The introduction of an equity partner into Thiess would capitalise on the robust outlook for the mining sector and provide capital for Thiess’ continued growth, while enabling CIMIC to maintain its strong balance sheet,” CIMIC said in an ASX announcement this morning.

Shares in CIMIC Group (ASX:CIM) are trading flat at $22.34.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.