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Hochtief, Bahn Boards Agree to Property Takeover

Hochtief, Germany's largest builder, said its supervisory board and the supervisory board of German rail operator Deutsche Bahn have agreed to its 1.6 billion-euro ($2.2 billion) takeover of Deutsche Bahn's property arm.

Hochtief's share of the takeover of the real estate group called aurelis is 820 million euros, Hochtief said on Wednesday in a statement.

The German builder and fund Redwood Grove International had said on Tuesday they agreed on the takeover but still needed the nod from the two supervisory boards.

The German Transport Ministry and the country's cartel office still need to approve the takeover, Hochtief said.