The Board of Carillion has responded to yesterday’s statement by Balfour Beatty plc that it has unilaterally terminated discussions regarding a combination of the two businesses.
The possible merger has collapsed because Balfour Beatty wanted to continue with its plan to sell off Parsons Brinckerhoff in a separate deal.
Carillion’s Board said it had concluded, on the basis of analysis to date, that for the combination to satisfy Carillion's requirements it would be essential to retain the stability and dependability of Parsons Brinckerhoff's earnings.
Carillion’s statement said:
“The Board of Carillion is surprised by Balfour Beatty's reaction as the work to date has led to increased confidence in the potential to realise very material value for the benefit of both sets of shareholders.”
“The Board of Carillion continues to believe in the powerful strategic rationale of a combination and the capability of such a combination to create very significant shareholder value. “
Carillion said it will now give “further consideration to its position” and make a further announcement in due course. The firm added that in the meantime, there could be no certainty that it would make any offer and that “this announcement is not being made with the consent of Balfour Beatty.”
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