0030 GMT - The government of Australia's New South Wales state wants to sell a controlling stake in the company building the WestConnex highway around Sydney. Credit Suisse values that at A$13.6 billion ($10 billion), although any deal must account for remaining construction costs of around A$9 billion. "We would expect a sale value of WestConnex at A$4-5 billion," the investment bank adds. Transurban (TCL.AU) could be a likely bidder, though probably as part of an investor group. Credit Suisse says if Transurban had a 51% interest in a bid consortium, it may need A$1.2 billion in new equity. It's down 1.1% this morning, trimming the year's gain to 15%. ([email protected]; @dwinningWSJ)
(END) Dow Jones Newswires
May 14, 2017 20:30 ET (00:30 GMT)
TCL Price at posting:
$11.98 Sentiment: Buy Disclosure: Held
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