britain’s carillion lifted by middle east bid report
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
Arab Today, arab today

Britain’s Carillion lifted by Middle East bid report

Arab Today, arab today

Arab Today, arab today Britain’s Carillion lifted by Middle East bid report

Britain’s Carillion lifted by Middle East bid report
LONDON - Arab Today

Takeover speculation drove Carillion shares almost 20 percent higher on Wednesday after a London newspaper reported that a Middle Eastern firm was preparing a bid for the struggling construction and support services company.
A spokeswoman said Carillion did not comment on “market speculation” in response to a City A.M. report on Tuesday which said a Middle Eastern construction group planned to submit a letter of intent for a takeover.
Carillion, whose market capitalization has dropped to £200 million ($268 million) from a peak of £1.67 billion a decade ago, is set to report first-half results on Friday.
City A.M. reported that the potential buyer would wait to analyze Carillion’s results and the state of its finances before tabling any bid.
Shares in Carillion have fallen nearly 75 percent since mid-July when it booked an £845 million writedown on construction contracts and announced the departure of its chief executive.
Carillion’s troubles have been compounded by its debt and pension obligations, as well as problems collecting cash.
The company said in July its first half average net debt was £695 million, while its pension deficit net of tax was £587 million. Carillion is selling non-core businesses and has suspended its dividend to try to reduce its debt burden.
Winning new contracts had become harder as spending in the Middle East adjusted to lower oil prices, and the firm had also experienced some delays in British public spending decisions since Britain voted to leave the EU.
Carillion has said it will focus on rail and property services as it seeks to turn itself around.

 

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