Lavalin in talks for $3.5B takeover of London-based WS Atkins

Shares in British engineering and consultancy group WS Atkins soared 30 per cent today after news of a £2.1bn takeover offer from Canadian company SNC-Lavalin.

The all-cash offer represents 35 percent premium to Atkins' Friday close at 1,540 pence.

The Board of Atkins said the offer would deliver value to it shareholders and board would intend to recommend on agreement of other terms and conditions.

A firm offer is contingent of pre-conditions including due diligence and the recommendation of the Atkins board.




MONTREAL-SNC-Lavalin is in talks to acquire WS Atkins PLC, an engineering and project management consultancy based in London, for the equivalent of $3.5 billion. SNC reported its biggest annual profit gain since 2007 past year, and the chief financial officer Sylvain Girard said in January that the company was looking for acquisitions of as much as US$3 billion.

It added: "There can be no certainty that a firm offer will be made, nor as to the terms on which any firm offer might be made". Moelis & Co. and JPMorgan Chase & Co. are advising the United Kingdom company.

SNC-Lavalin has until May 1 to make a firm deal.

Regulators halted trading in SNC shares (TSX:SNC) in Toronto before markets opened Monday, pending news from the company.

(Copyright © 2015. All Rights Reserved.)
 
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