French construction company Vinci SA (DG.FR) and the parent of Hainan Airlines Co. (600221.SH) are the two remaining bidders for Hochtief AG’s (HOT.XE) portfolio of airport stakes as the deal reaches the final stretch, a person familiar with the matter told Dow Jones Newswires on Thursday.

The person said German airport operator Fraport AG (FRA.XE) and its bidding partner, Deutsche Bank AG’s (DB) infrastructure fund RREEF, dropped out of the race.

The bids of HNA and Vinci both value Hochtief’s airports above EUR1.3 billion, another person familiar with the matter said, adding HNA and Vinci finished due diligence and are currently holding talks with the co-owners of Hochtief’s airport assets. The portfolio includes minority stakes in airports in Athens, Budapest, Dusseldorf, Hamburg, Sydney and Tirana, Albania.

A spokesman for Hochtief declined to comment Thursday. Hochtief’s Chief Executive Frank Stieler in mid-August confirmed in a written statement that the company had received several offers for its airport portfolio, but didn’t mention how many bidders were in the process. The deal is expected to close this year, according to Stieler’s statement.

 
SOURCE: online.wsj.com
 

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