Potentially some of the value of MACA lies in it not being...

Potentially some of the value of MACA lies in it not being available to anyone else?

FWIW as a bit of background; CIMIC sold half of THEISS [ref] in late 2020 to a US billionaire’s hedge fund after some earlier waltzing around and prep for a potential float ..

Spoiler : AFR story around that

https://www.afr. com/street-talk/cimic-elliot-lob-thiess-into-2022-float-pipeline-20210210-p57148

CIMIC, Elliot lob Thiess into 2022 float pipeline
Sarah Thompson, Anthony Macdonald and Tim Boyd
Feb 10, 2021 – 9.32pm

Squeezing information out of CIMIC Group is like trying to get blood out of a stone.
So it’s always worth scouring the group’s annual report, to try to find answers for a year’s worth of questions.

US billionaire Paul Singer’s hedge fund bought a half stake in Thiess and is expected to push for a listing or sale in coming years. Bloomberg

This year’s topic du jour, for bankers and other dealmakers at least, is CIMIC’s giant mining contractor Thiess, which makes about $500 million profit a year.

This time last year, CIMIC had investment banks JPMorgan, Citi and Goldman Sachs and law firm MinterEllison preparing Thiess for the ASX boards. The initial public offering window was open, the commodities cycle was heating up, and CIMIC was wondering whether it could look to raise as much as $2 billion for a half stake in the business.

COVID-19 hit and the IPO plans were derailed. The business also wasn’t quite ready.

Interesting times!

cheers