Business
Sale of 50pc of Thiess for up to $1.9b boosts CIMIC – The Australian Financial Review
Australia’s biggest construction company has confirmed plans to sell half of the division to US fund managers.
CIMIC told the market in October its operating cash flows had weakened in the past 12 months, dropping 21 per cent to $922 million at September 30, from $1.16 billion a year earlier.
Along with joint venture partner John Holland, CIMIC has been fighting Transurban over who will pay for about $1 billion in extra costs on Melbourne’s strife-plagued West Gate Tunnel project.
The group has also slashed its use of controversial financing techniques by $705 million over the past nine months as it fa…
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