Lend Lease confirms Bilfinger talks

Lend Lease has today confirmed it is in talks with German builder Bilfinger Berger SE to potentially acquire its Australian Valemus operations.

Reports speculate the sale is worth around $1 billion, and would make Lend Lease the second-largest contractor in Australia.

Valemus owns the Abigroup and Baulderstone construction operations, and Conneq, formerly Bilfinger Berger Services, an engineering, maintenance and asset management business, and has a combined annual turnover of $4 billion.

Valemus attempted to float earlier in the year but cancelled its plans due to lingering anxiety over the Europeran debt crisis.

Lend Lease is currently carrying out a buying flurry, said to be preparing a bid for some Centro's shopping centre assets as well as the management rights of Retirement Village Group.