John Laing Soars on Mystery Takeover Approach
Rachel Stevenson
Independent
__________
London (UK):
The private finance construction project manager John Laing has received a takeover approach from an unidentified bidder, sending the company's shares soaring.
Shares in Laing soared by 24 per cent to reach 362.5p after the company confirmed to the Stock Exchange yesterday afternoon that an interested bidder had come forward. Its shares closed at 341p, valuing the business at £795m.
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See Also
Laing admits it is being stalked
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A statement from the company warned that the approach, from an unnamed bidder, was at a "very preliminary" stage and there was no certainty a formal offer would be forthcoming.Speculation on the identity of the bidder was last night centring on overseas players who are known to be on the acquisition trail.
Spanish builders such as Acciona and Grupo Ferrovial have both been keen to expand abroad, as well as broaden their reach beyond construction work into public-private partnerships. The Spanish government has been operating similar public-private partnerships on toll roads and railways as in the UK.
Ferrovial, in particular, is acquisition hungry. It has spent about €5bn since 1997 on acquisitions, including £81m on the takeover of the UK services company Amey, responsible for upgrading of the London Underground.
Dec 03, 2005
Rachel Stevenson
Independent
__________
London (UK):
The private finance construction project manager John Laing has received a takeover approach from an unidentified bidder, sending the company's shares soaring.
Shares in Laing soared by 24 per cent to reach 362.5p after the company confirmed to the Stock Exchange yesterday afternoon that an interested bidder had come forward. Its shares closed at 341p, valuing the business at £795m.
______________
See Also
Laing admits it is being stalked
______________
A statement from the company warned that the approach, from an unnamed bidder, was at a "very preliminary" stage and there was no certainty a formal offer would be forthcoming.Speculation on the identity of the bidder was last night centring on overseas players who are known to be on the acquisition trail.
Spanish builders such as Acciona and Grupo Ferrovial have both been keen to expand abroad, as well as broaden their reach beyond construction work into public-private partnerships. The Spanish government has been operating similar public-private partnerships on toll roads and railways as in the UK.
Ferrovial, in particular, is acquisition hungry. It has spent about €5bn since 1997 on acquisitions, including £81m on the takeover of the UK services company Amey, responsible for upgrading of the London Underground.
Dec 03, 2005
