UPDATE: Hochtief Satisfied With Sales Process Of Airport Stakes

German construction company Hochtief AG (HOT.XE) on Wednesday said it is "very satisfied" with the sales process of its portfolio of airport stakes, while several people familiar with the matter said four bidders are still in the running, having placed bids of up to EUR1.3 billion.

Hochtief's Chief Executive Frank Stieler confirmed in a written statement that the company had received several offers for its airport portfolio, but didn't mention how many bidders are in the process. The deal is expected to close this year, according to Stieler's statement.

The assets include minority stakes in airports in Athens, Budapest, Dusseldorf, Hamburg, Sydney and Tirana, Albania.

Two people familiar with the sales process said German airport operator Fraport AG (FRA.XE) and its bidding partner, Deutsche Bank AG's (DB) infrastructure fund RREEF, as well as French construction company Vinci SA (DG.FR) submitted binding offers and have the best prospects of buying the portfolio.

The parent of Hainan Airlines Co. (600221.SH), China's fourth-largest airline by revenue, last week said it was bidding for Hochtief's airport assets.

One person said HNA Group Co.'s bid of about EUR1.3 billion was one of the highest offers, and added that the fourth bidder is a consortium comprising Allianz SE's (ALV.XE) investment arm Allianz Capital Partners and infrastructure fund Global Infrastructure Partners.

Spokespeople for Fraport, RREEF and Allianz declined to comment on the information. A Vinci spokesman pointed to a recent statement from CEO Xavier Huillard that said Vinci would look at the airport stakes.

This month, the bidders are carrying out due diligence on the airports that Hochtief holds stakes in, and holding on-site meetings at the airports, two of the people said.

One of the people added Hochtief might compile a shortlist of two bidders at the end of this month.

-By Eyk Henning and Natali Schwab, Dow Jones Newswires; [phone]; [e-mail]