Carillion lowers sights to bolt-on deals after failed Balfour Beatty bid

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The firm’s merger attempt with Balfour to create a £3 billion industry giant collapsed in acrimony last summer, although the six-month cooling off period required under takeover rules expired last week.

 

Balfour is now rebuilding under new boss Leo Quinn after a string of profit warnings, but Carillion is looking at smaller buys to add to its acquisition of power transmission company Rokstad Power, a relative snip at £31 million.

The group also landed £5.1 billion in new contracts last year, including building deals from developer Argent at King’s Cross.

Howson said: “We are looking at other bolt-on acquisitions particularly in Canada… In terms of anything more strategic we remain alert to opportunities that arise to create shareholder value.

“But you can see where our attention lies this year: it’s about mobilising what we win and repeating the work-winning performance of 2014.”

Pre-tax profit rose 29% to £142.6 million but the company racked up costs of £9.9 million on the Balfour attempt and the Rokstad deal.

Source Article from http://www.standard.co.uk/business/business-news/carillion-lowers-sights-to-bolton-deals-after-failed-balfour-beatty-bid-10085173.html

March 4, 2015 |
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