Bilfinger Berger reduces investments in Nigerian business

September 30, 2011

September 30, 2011

Bilfinger Berger reduces investments in Nigerian business

Bilfinger Berger and its minority shareholding Julius Berger Nigeria PLC (JBN), Abuja, have signed a letter of intent according to which JBN will acquire the engineering and services activities of Bilfinger Berger Nigeria GmbH, Wiesbaden. The current output volume of activities to be sold amounts to approximately €350 million. Bilfinger Berger’s investment in the business, which is part of the Building and Facility Services segment, will be reduced initially to 40 percent with a further reduction planned at a future date.

The Group’s move also follows recent initiatives on the part of the Nigerian Government aimed at an increase of local content in the national economy. “The successful operating activities in Nigeria will continue unabated. This requires the vigorous cooperation of all employees involved in the Nigerian business. I can assure you that your jobs are secure”, emphasized Roland Koch, Chairman of the Executive Board at Bilfinger Berger.

In addition, as previously announced, Bilfinger Berger’s investment in JBN will be reduced from 49 percent to below 40 percent. Discussions in this regard are currently being held with investors.

With these decisions, Bilfinger Berger intends to limit its involvement in Nigeria exclusively to financial investments. The conclusion of these transactions is not expected in the current financial year.