Bilfinger looks to US, Middle East for M&A expansion, CFO tells Boersen-Zeitung

German industrial services provider Bilfinger is considering growing through mergers and acquisitions and is looking at the Middle East and the United States as potential places to do so, the company’s finance chief told Boersen-Zeitung, Reuters reported.

“Our firepower is several hundreds of millions of euros,” Matti Jaekel was quoted as saying. “Banks are prepared to support us in potential takeovers.”

Asked whether Bilfinger, which has a market valuation of 1.6 billion euros ($1.7 billion), was a potential takeover target, Jaekel said that strategic bidders were not currently interested.

“And a takeover by financial investors has become much more difficult due to the good share price performance.”

Bilfinger was subject to takeover speculation in 2020 and 2021, with French industrial services group Altrad named as a potential buyer. However, no deal materialised.