What ails Hochtief?

The sudden and surprising news that Reinhard Kalenda, the CEO of Germany’s Hochtief AG airport division, Hochtief AirPort, had resigned from the company with immediate effect on 30-Dec-2009, again directs attention on to an organisation that has been making news for the wrong reasons during the latter part of the year just ended. According to media reports (in Germany’s Boersen Zeitung), Mr Kalenda’s decision was taken for personal reasons. An un-named Hochtief spokeswoman claimed the company had no immediate plans to replace him. [1866 words]

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This report contains the following subheadings:

• IPO suspended for Concessions division
• No joy in the US, Russia or UK
• Mixed fortunes for existing invested/operated airports
• Hamburg Airport to benefit from uncertainty at Luebeck?
• A cautious investor

This report contains the following charts and tables:

• Hochtief financial highlights: three months ended 30-Sep-2009 (EUR millions)