Balfour Beatty circular on Parsons Brinckerhoff deal gets approval October 11, 2014 Infrastructure company Balfour Beatty announced yesterday that its shareholder circular regarding the proposed sale of its US business Parsons Brinckerhoff (PB) to a Canadian bidder has been approved by the UK listing authority. The sale price of PB amounts to £820m. The company said in a statement: The sale price represents a significant return on [...]
Balfour Beatty may shut Blackpool International Airport October 6, 2014 Balfour Beatty may be forced to shut Blackpool International Airport if it cannot find a buyer for the asset. The construction firm has been seeking a buyer for the airport since August, and the deadline for its decision is today. Andrew Gibbs, analyst at Investec, told City A.M.: “Blackpool has always been an issue, it’s always [...]
Balfour Beatty share price falls despite sale of Pinderfields and Pontefract Hospital stake October 2, 2014 Balfour Beatty’s £61.5m sale of its stake in Pinderfields and Pontefract Hospital will not be enough to buoy shareholder confidence following the firm’s profit warning on Monday, analysts have said. The company disposed of its 50 per cent interest in the public-private partnership (PPP) yesterday, selling to an HCIL subsidiary, and also announced three new [...]
Carillion trading in line with expectations as Balfour Beatty announces three new projects October 2, 2014 The proposed mega-merger between Carillion PLC and Balfour Beatty failed to materialise, yet neither company is wasting any time licking their wounds. In August, Carillion reported a five per cent drop in half-year revenues shortly before the deal hit the rocks, but insisted it was “well positioned” to target revenue growth for the full-year. [...]
Investor fury at Balfour Beatty profit warning September 29, 2014 SHAREHOLDERS are angry and concerned over the latest trading update from beleaguered construction firm Balfour Beatty. The update, published yesterday, is the company’s third in five months, and revealed a £75m profit shortfall in its construction services UK business. Balfour’s share price fell by 20 per cent after the report and closed down 15.3 per [...]
Balfour Beatty share price nosedives it issues its fifth profit warning this year September 29, 2014 Shares in Balfour Beatty plunged more than 20 per cent in early morning trading, after it issued its fifth profit warning this year. The company said its construction business is likely to show a £75m profit shortfall at the end of the year, but added that trading for the rest of the group remained in [...]
Balfour Beatty portfolio zooms to above £1bn August 27, 2014 The value of Balfour Beatty’s public-private partnership portfolio has soared by nearly 50 per cent to over £1bn the major construction company revealed yesterday. It was Balfour’s first major announcement since it chose to go it alone after rebuffing repeated merger proposals from rival Carillion. The results from the directors’ valuation of the portfolio showed [...]
Carillion and Balfour Beatty deal off as deadline passes ending mega-merger – for now August 21, 2014 The 5pm deadline for Carillion to make an offer for Balfour Beatty passed yesterday not with a bang and barely a whisper. However, while the £3bn deal is dead for now, some analysts say it may not be buried. Commenting on BBC Radio Five Live’s Wake up to Money programme yesterday, Colin McLean of SVM Asset [...]
Fair weather friends fade away as Balfour Beatty and Carillion deal collapses August 21, 2014 They say you often find out who your real friends are when you’re at your lowest. Carillion’s announcement that it would be no longer pursuing a merger with Balfour Beatty yesterday came with some conspicuous absences. When the deal was still hot stuff, announcements came with scores of contacts to send enquiries to; Carillion, Lazard, [...]
Carillion gives up on unwilling Balfour Beatty August 20, 2014 IT WAS a case of third time unlucky for Carillion yesterday, as plans for the ambitious mega-merger between it and Balfour Beatty lay in taters. Carillion gave up its fruitless hunt for a deal yesterday afternoon following a third rejection from an unswayable Balfour Beatty. Markets expressed their disappoint as Balfour Beatty shares dived on [...]