Nov. 10 (Bloomberg) -- Bilfinger Berger AG’s planned share sale of its Australian division may value the division at close to 600 million euros ($900 million), according to the median estimate of four analysts.

Estimates on the enterprise value of the division range from as little as 400 million euros to as much as 1 billion euros, according to research by analysts at Berenberg Bank, DZ Bank AG, Unicredit and Bank of America Merrill Lynch.

Bilfinger Berger, based in Mannheim, Germany, said yesterday that it is considering selling shares in its Australian unit in order to focus on its services business. Bilfinger Berger Australia specializes in major infrastructure projects such as bridges and tunnels, employs more than 7,500 people and had output last year of about 2.6 billion euros.

“In Australia we have seen some IPOs already, so 2010 may be good timing for such a transaction,” Chief Executive Officer Herbert Bodner said on a conference call with journalists. “There will be no fire sale and there is no time pressure.”

Bilfinger’s Abigroup Ltd. and Baulderstone units built the Sydney Opera House and the Etihad Stadium in Melbourne. A final decision on a possible share sale likely won’t be made “for a number of months,” Bilfinger Berger Australia said. The company would eventually seek to retreat entirely from its Australian operations, Bodner said.

Bilfinger Berger aims to cut the volume of its construction business to about 2 billion euros in the medium term from 6 billion euros in 2008. Capital freed up in the reorganization would be used to further develop the services business, the company said.

Bodner is moving Bilfinger Berger away from construction as more than 100 million euros in unpaid bills for a road project in Qatar forced the company to cut its full-year profit forecast on Sept. 9. Bilfinger’s services operations conduct repairs and maintenance on buildings or power plants.

To contact the reporter on this story: Richard Weiss in Frankfurt at rweiss5@bloomberg.net.

Last Updated: November 10, 2009 06:42 EST