Kentz shareholders vote for £1.2bn takeover by SNC-Lavalin
Kentz shareholders yesterday approved the engineering firm’s takeover of the business by Canadian rival, SNC-Lavalin.
At an extraordinary general meeting in London, 99.3 per cent of investors voted for the C$2.1bn (£1.2bn) cash offer, which will give shareholders 935p per share – a 33 per cent premium on Friday’s closing price
SNC-Lavalin said the acquisition would give it a much greater presence in key growth regions such as the Middle East, North America and Asia Pacific.
It also said it expected that a deal with Kentz, which is Irish but London-listed, would boost its earnings within the first full financial year.
Kentz provides engineering services for oil, pharmaceuticals and mining industries, and has 15,500 workers, compared to SNC-Lavalin’s 30,000.