{"id":45868,"date":"2017-03-01T01:25:20","date_gmt":"2017-02-28T18:25:20","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=45868"},"modified":"2017-02-28T22:35:22","modified_gmt":"2017-02-28T15:35:22","slug":"dar-group-retains-worleyparsons-stake-after-takeover-approach-is-rebuffed","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dar-group-retains-worleyparsons-stake-after-takeover-approach-is-rebuffed\/","title":{"rendered":"Dar Group retains WorleyParsons stake after takeover approach is rebuffed"},"content":{"rendered":"


\nDubai-based engineering consultancy Dar Group has become a substantial shareholder in WorleyParsons despite an earlier bid to take over its Australian rival being knocked back. WorleyParsons revealed to the Australian Stock Exchange that Dar Group had offered to buy its business last November, but that its board turned down the approach because they believed it “materially undervalued the company”. The offer of A$11.80 per share valued the company at over $A2.92 billion (Dh8.25bn).In a statement, WorleyParsons said that Dar Group’s bid “was also highly conditional in relation to financing, due diligence, process, regulatory and other conditions which created significant execution risk and uncertainty” of a takeover being successfully executed.”The board therefore determined that the proposal was not in the best interests of shareholders and advised Dar Group accordingly.”Following its announcement, WorleyParsons shares jumped by almost one-third in trading on Tuesday, climbing 32 per cent to A$10.65 per share. Dar Group said in its statement that its bid had been conditional on a number of factors, including the support of WorleyParsons’ management. It said there have been no further discussions with WorleyParsons’ board since its offer was turned down, and that it has “no present intention of initiating discussions” with the company about another takeover.Dar Group has built a 13.35 per cent stake in WorleyParsons – 8.61 per cent of which is in shares and 4.74 per cent through a cash equity swap agreement. It said that it intends to retain the stake “with a long-term strategic perspective and looks forward to being a supportive shareholder”.”Dar Group views WorleyParsons as the pre-eminent energy and design consultancy globally and respects the role the chairman, board and management team have played in establishing this market-leading position.”WorleyParsons is an infrastructure and energy specialist with 24,500 employees in 42 countries. The firm’s shares took a hit last month after it announced a A$2.4 million net loss for the six months to December 31, on the back of a 30.3 per cent decline in revenue to A$2.17bn. The company said the dramatic fall in sales was “in line with overall market contraction”.Dar Group is a privately owned business headquartered in Dubai that has grown substantially through acquisitions. The firm began with Dar Al Handasah – a consulting engineering business started by four engineering professors from the University of Beirut in 1956. Now its 35 shareholders are in charge of 13 companies employing 18,000 staff across 200 offices. Businesses acquired over the years have included Chicago-based architecture firm Perkins + Will, Austrian tunnelling specialist D2 Consult and UK-based project management company Currie & Brown, which itself recently acquired Sweett Group in a \u00c2\u00a329m (Dh132.3m) deal last June.Dar Group is run by chairman and chief executive Talal Shair. The engineering consultancy business has been through a wave of mergers in recent years as firms attempt to build global scale. Aecom completed a US$6bn acquisition of rival URS in 2014, and Canadian-headquartered practice WSP bought US firm Parsons Brinckerhoff for \u00c2\u00a3820m in the same year. Dutch Group Arcadis has also been on a buying spree that has seen it acquire Hyder, EC Harris and architectural practice CallisonRTKL in recent years, and in January this year The Times reported that US company CH2M had approached the UK’s Atkins about a possible \u00c2\u00a33bn merger, although no formal offer has yet been made.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Dar Group retains WorleyParsons stake after takeover approach is rebuffed<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai-based engineering consultancy Dar Group has become a substantial shareholder in WorleyParsons despite an earlier...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-45868","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-bVO","jetpack-related-posts":[{"id":52638,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/atkins-board-agrees-to-a2-1bn-takeover-approach-from-canadas-snc-lavalin\/","url_meta":{"origin":45868,"position":0},"title":"Atkins board agrees to \u00c2\u00a32.1bn takeover approach from Canada's SNC Lavalin","date":"April 23, 2017","format":false,"excerpt":"\r The board of UK-based construction consultancy Atkins has accepted a \u00c2\u00a32.1 billion (Dh9.88bn) offer for its business from SNC Lavalin, the Canadian construction and engineering group.The offer, which was first announced this month, values Atkins at \u00c2\u00a320.80 per share, a 35 per cent premium on the \u00c2\u00a315.40 price that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113933,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/augusta-capital-takeover-deal-giant-australian-business-to-make-full-offer\/","url_meta":{"origin":45868,"position":1},"title":"Augusta Capital takeover deal: Giant Australian business to make full offer","date":"January 29, 2020","format":false,"excerpt":"\r Majority shareholders of listed property investment business Augusta Capital are backing a surprise takeover offer by 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