DTZ hopes for Aussie buyer

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The real estate services firm DTZ said it has selected giant Australian outsourcing group UGL as its preferred buyer yesterday, in a move that would create one of the biggest real estate firms in the world.

The company added there is "minimal value, if any" in its shares because of its high levels of debt. A previous bid by its majority shareholder Saint George Participations and BNP collapsed last month due to the eurozone turmoil.