HOCHTIEF has acquired 50 percent of the shares in the concession company for the Herrentunnel Lübeck toll road project in northern Germany from Bilfinger SE. HOCHTIEF already holds the other 50 percent stake in Herrentunnel Lübeck GmbH & Co. KG (HLKG). The company has thus now assumed full operational control of the public-private partnership project.

The Herrentunnel is just under one kilometer long and is one of Germany's first toll roads. HLKG planned, financed and built the tunnel and has been operating it since it was opened to traffic in 2005. The tunnel beneath the Trave River, built by the private sector, provides for intersection-free road and ship traffic in the Hanseatic City of Lübeck. It replaces a dilapidated bascule bridge which had previously caused considerable delays to traffic.

The new share structure does not change the work of the concession company or of the personnel. The same high-quality operation and service will continue to be provided by the existing personnel, most of whom have been employed with the company for many years.

For the medium term, HOCHTIEF has not ruled out the involvement of a financial investor who is interested in a permanent commitment.

The transaction will take effect pending approval from the Bundeskartellamt, Germany's competition authority, and the banks involved, which is expected in the coming weeks, and from the Lübeck city council.

Hochtief AG issued this content on 09 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 February 2016 10:13:03 UTC

Original Document: http://www.hochtief.com/hochtief_en/201.jhtml?pid=9808