Germany's Bilfinger sells off construction assets in shake-up

Ailing German engineering and services company Bilfinger SE has agreed to sell most of its construction division to Swiss building giant Implenia as it seeks to focus on more lucrative industrial services. Bilfinger – which has issued four profit warnings this year, hit by falling investment from power and chemical companies – said it expected to notch up proceeds of €230-million ($280-million) from the part-cash sale.