In a surprise announcement which Balfour Beatty said was ”not being made with the consent of Carillion”, the UK's biggest construction company has called off merger talks with its rival after just seven days.
Balfour Beatty said it is terminating discussions with Carillion regarding a possible merger with immediate effect, commenting:
“ The termination of discussions follows Carillion’s wholly unexpected decision to only progress the possible merger in the event that Parsons Brinckerhoff remained part of the potential combined entity. This change is contrary to the basis upon which the Balfour Beatty Board agreed to engage in preliminary discussions.”
“It is also contrary to the joint announcement released on 24 July 2014 which confirmed that the sale of Parsons Brinckerhoff would be unaffected by the merger discussions and also a presentation to Balfour Beatty’s Board by Carillion on 28 July 2014. This change in the proposed terms is not acceptable to the Board of Balfour Beatty.”
Balfour Beatty said it will now proceed in accordance with its own business plan, including the competitive sale process of Parsons Brinckerhoff which is currently well underway. It will also continue to actively progress its search for a Group CEO.
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