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 [...]
Profile: Balfour Beatty’s chairman Steve Marshall August 20, 2014 Balfour Beatty’s chairman Steve Marshall has had a lot of practice in fighting tough battles and working to turnaround businesses. But, following his trenchant rejection of Carillion’s bid proposals, he knows he has a lot to prove to many of his group’s shareholders who would have quite liked to have at least had the chance [...]
Carillion calls off Balfour Beatty merger bid August 20, 2014 Building giant Carillion has backed away from its bid for rival Balfour Beatty after three unsuccessful attempts. Ahead of tomorrow's "put up or shut up" 5pm, Carillion this afternoon issued a statement saying it was "no longer proposing a merger". Balfour Beatty shares opened 5.7 per cent lower per cent this morning after its board [...]
Carillion and Balfour Beatty – what you need to know August 20, 2014 This morning – a day ahead of the “put up or shut up” deadline – construction firm Balfour Beatty rejected a third bid from Carillion, despite the offer being increased by 15.5 per cent to £2.08bn. The revised deal also offered Balfour shareholders 58.27 per cent of the combined company, up from 56.5 per cent [...]
Carillion and the Balfour Beatty bid – the story in numbers August 20, 2014 This morning Balfour Beatty rejected Carillion's bid for a third time. We break down the story in numbers £3bn – the total value of a combined business should the merger go ahead. 5pm – the “put up or shut up” deadline tomorrow (21 August) for Carillion's final offering. 3 – the number [...]