Time for Balfour Beatty and Carillion bosses to rebuild bridges – Bottom Line August 10, 2014 Playing hard to get has always been an obvious tactic for any bunch of executives who find their firm targeted by a takeover-hungry rival. Yet knocking back your suitors has become especially modish this year, with the boards of Astrazeneca and Time Warner notably resolute in their determination to go it alone. To some extent [...]
Balfour Beatty and Carillion resume £3bn merger talks as clock ticks on deal August 10, 2014 Balfour Beatty and Carillion have resumed talks over a potential £3bn merger between the two construction companies, less than two weeks after they were called off because of disagreements between the firms. The Sunday Times reports the construction firms resumed contact last week and the Balfour Beatty board met on Friday to discuss the deal [...]
Balfour Beatty calls off takeover talks but Carillion could go hostile July 31, 2014 Takeover talks between British construction company Balfour Beatty and infrastructure giant Carillion ended abruptly yesterday, just days after the £3bn bid began. Balfour backed out of the deal after Carillion demanded the company call a halt to the sale of Parsons Brinckerhoff (PB), a US engineering and design business it bought in 2009. The proposed [...]
Balfour Beatty and Carillion share prices tumble as £3bn merger talks called off July 31, 2014 Construction firm Balfour Beatty saw its share price tumble six per cent this morning after revealing its £3bn merger talks with Carillion were over. Carillion also took a hit as shares fell five per cent. Balfour Beatty said discussions over a potential merger, news of which emerged last week, had been terminated over a disagreement [...]
Carillion bosses set to snap up top jobs after Balfour Beatty merger July 27, 2014 Carillion chairman Philip Green is expected to head up the £3bn construction giant that will be created from the company’s planned merger with flailing rival Balfour Beatty. Usually after a merger the top roles are divided, but Carillion’s chief executive Richard Howson is also set to take up the same role at the combined company, [...]
Balfour Beatty and Carillion begin £3bn merger talks July 24, 2014 Construction groups Balfour Beatty and Carillion are in talks to merge, a deal which could create a colossus with a market capitalisation of more than £3bn. Carillion confirmed yesterday that the negotiations were underway, and that it had approached its slightly-larger but weakened competitor. Balfour Beatty has been in a bleak position in recent months [...]
Balfour Beatty share price nosedives after profit warning July 3, 2014 Infrastructure group Balfour Beatty’s share price plunged 15 per cent in early trading yesterday, after the firm delivered its fourth profit warning in two years. The FTSE 250-quoted company said its expected a £35m profit shortfall, due to problematic contracts in the engineering services part of its UK construction business. Most of this will come [...]
Balfour Beatty issues profit warning for electrical engineering arm July 3, 2014 Infrastructure company Balfour Beatty has warned in its trading update that there has been further worsening in the trading performance of the mechanical and electrical engineering part of its UK construction business, amounting to a £35m profit shortfall. However, the company said the loss would be largely offset by further targeted private-public partnership (PPP) disposal [...]
Babcock and Balfour Beatty win £160m Sellafield waste contract. June 25, 2014 BABCOCK International and Balfour Beatty said yesterday they had won a £160m contract to build a new silo maintenance facility at the site of Sellafield nuclear power plant as part of the ongoing decommissioning process. The contract will be led by Cavendish Nuclear, a wholly owned subsidiary of Babcock, which will have 55 per cent [...]
Balfour Beatty in £184m contract for motorway upgrade June 19, 2014 Balfour Beatty yesterday announced it had been awarded a £184m contact to upgrade parts of the M60 and M62 motorways around Manchester, with the aim of increasing capacity, reducing congestion and shortening journey times. Under the contract, around 17 miles of the motorways will be upgraded, and the M60 between junctions 8 and 12 will [...]