Mk To Sell Stake In Australian Company

Financially troubled Morrison Knudsen Corp. has agreed to sell nearly half its interest in an Australia-based engineering and construction company.

The one-time international construction and engineering giant said on Monday it would sell almost 8.3 million shares of McConnell Dowell Corp. to Downer Group Australia Pty. Limited, another construction and engineering company that has made an unconditional takeover offer for all of McConnell Dowell shares.

Upon completion of the sale, Morrison Knudsen will still have 9.5 million shares of McConnell Dowell.