Atkins receives £2.1bn bid approach from Canada's SNC-Lavalin
Consultant group Atkins has confirmed it has received a bid approach from Canadian engineering and construction organisation SNC-Lavalin. The proposed offer of £20.80 a share values Atkins at almost £2.1bn.
WS Atkins said it had indicated that the possible offer was at a level it would be prepared to recommend, subject to reaching an agreement on other terms and conditions. The two groups are in talks on these other terms of the offer, and SNC-Lavalin has until May 1, 2017 in which to either make a firm offer for WS Atkins or walk away.
The talks come two months after Atkins was approach by US engineering consultant CH2M over the possibility of a multimillion-pound merger.
SNC-Lavalin said the making of any firm offer would be subject to the satisfaction of a number of pre-conditions, and there can be no certainty that any firm offer will be made.
However, the company said that if the transaction was to proceed it is currently contemplated that up to CAD$1.9bn (£1.1bn) will come from Caisse de dépôt et placement du Québec (CDPQ) in the form of $400M (£240M) in equity and a $1.5bn (£0.9bn) non-recourse loan secured by the value and cashflows of SNC-Lavalin’s interest in Highway 407.
SNC-Lavalin operates in four industry sectors: oil and gas, mining and metallurgy, infrastructure and power.
- Veolia to enter water retail market Veolia has applied for a water supply and sewerage licence, which will allow it to participate in the business retail... Read More >
- SWW's Mayflower WTW hosts fire training exercise South West Water's (SWW) Mayflower water treatment works construction site at Roborough, just outside Plymouth, has been... Read More >
- Minister visits NI Water's Bangor Sewerage Improvement Scheme Regional development minister Danny visited Bangor Marina and Luke's Point to view progress on NI Water’s £3.1m programme... Read More >
- Interview: Prof Rudi Klein, chief executive officer, SEC Group "The wait - that is the real problem," says Professor Rudi Klein on the subject of cash retentions in construction... Read More >
- Front Line: Digging Scottish Water's Shieldhall Tunnel In this month's Front Line feature we meet Tom Rushe, who is part of a team of engineers working on Scottish Water's £100M... Read More >
- Water Industry Procurement: could Brexit provide a fresh start? Could Brexit lead to a re-examination of the procurement rules which govern the water industry and other infrastructure... Read More >
- A mother and daughter team In this Q&A, WWT meets Lesley Barratt of Clancy Docwra, who won the Ladies category of the Institute of Water's... Read More >
- Interview: Anne Kemp, chair, UK BIM Alliance “It's come of age,” says Anne Kemp on why Building Information Modelling (BIM) has captured the imagination of the... Read More >