Kier to bid for Mouchel? Housebuilder confirms “preliminary discussions”
Kier Group's share price opened slightly lower this morning after it made a statement confirming it has held preliminary discussions regarding the possible acquisition of infrastructure builder Mouchel.
According to online blog Betaville the going price for Mouchel will be £400m, although other sources mention figures as high as £500m. Mouchel was forced into administration in 2012 and a sale or IPO in 2015 would complete a remarkable recovery.
The Liverpool Echo added that the Merseyside-based company could also be a target for Interserve, a rival infrastructure group.
Like many companies in the construction industry, Kier is having a strong year; in September it announced a 59 per cent increase in underlying operating profits for the 12 months to June 2014.