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VT pulls out of chase for Mouchel

SUPPORT services firm VT Group has announced that it will not be making a takeover bid for infrastructure firm Mouchel.

VT had made an approach to the company about a takeover last month.
However, no formal negotiations were held.

Meanwhile VT has been trying to stave off a takeover boid for its own business from defence and engineering group Babcock.

The company said in a statement: “In view of there being no engagement with Mouchel at this time, and the interest of Babcock in VT, the Board of VT has decided not to make an offer for Mouchel at this point.”

However, VT added that it continued to believe that a takeover of Mouchel “would create significant value for both Mouchel and VT shareholders".

Mouchel builds road and railways as well as water networks. Babcock has made two made two bid approaches to VT, both of which were rejected.