{"id":52638,"date":"2017-04-23T20:22:29","date_gmt":"2017-04-23T13:22:29","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=52638"},"modified":"2017-04-23T18:32:15","modified_gmt":"2017-04-23T11:32:15","slug":"atkins-board-agrees-to-a2-1bn-takeover-approach-from-canadas-snc-lavalin","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/atkins-board-agrees-to-a2-1bn-takeover-approach-from-canadas-snc-lavalin\/","title":{"rendered":"Atkins board agrees to \u00c2\u00a32.1bn takeover approach from Canada's SNC Lavalin"},"content":{"rendered":"


\nThe 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 the shares closed at on the day before the news broke. In a statement on Friday, SNC Lavalin said the merger would create a business with revenues of C$12.1bn (Dh32.92bn) and 53,000 employees worldwide. It also said it expects to generate C$120 million in savings by combining the two businesses, C$80m of which is expected to come from Atkins.
\nAtkins and SNC Lavalin have a significant presence in the Middle East, and the combined business will have more employees in the wider Middle East and Africa than any other global region – 19,625. The company said it expects to generate about 20 per cent of its business from this region once the transaction is completed. In an interview with The National in July last year, SNC Lavalin’s regional chief executive Alan McLean said it employs about 11,000 staff in the Middle East and generates about 15 per cent of its revenue from the region. Most of these staff are contractors who had previously worked for the Kentz business acquired by SNC Lavalin for \u00c2\u00a31.2bn in 2014, and the energy sector remains its biggest source of regional revenue, followed by infrastructure projects.
\nAtkins employs 2,400 people in the Middle East and earns 14 per cent of its global revenue of \u00c2\u00a32bn from this region. It is working on a number of significant projects, including four new economic cities in Saudi Arabia for the Economic Cities Authority, the Riyadh and Doha metro projects, and the Port Sultan Qaboos redevelopment in Oman.Neil Bruce, the president and chief executive of SNC Lavalin, said the takeover “creates new revenue growth opportunities in key geographies by positioning us to capitalise on increased cross-selling and the opportunity to win and deliver major projects in new regions”.
\nHe said it would “position us as a premier partner to public and private sector clients”.Allan Cook, the chairman of Atkins, said SNC Lavalin’s offer represented “an attractive and certain value in cash for Atkins shareholders, reflecting the high quality of the business”.The world of construction and engineering consultancies has undergone a wave of consolidation in recent years as firms bid to build global scale. Aecom completed a US$6bn takeover of rival firm URS in October 2014, the same month WSP completed an \u00c2\u00a3820m buyout of US-based consultancy Parsons Brinckerhoff from British contractor Balfour Beatty. The Dutch-headquartered consultancy Arcadis has also acquired Hyder and project management firm EC Harris in recent years, while the world’s third-biggest consultancy, WorleyParsons, last month announced that it had recently rebuffed a takeover offer from Dubai-based Dar Group. The Dar Group has retained a 13.45 per cent stake in WorleyParsons.
\nSNC Lavalin’s takeover of Atkins is expected to be completed in the third quarter of this year.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Atkins board agrees to \u00c2\u00a32.1bn takeover approach from Canada’s SNC Lavalin<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The board of UK-based construction consultancy Atkins has accepted a \u00c2\u00a32.1 billion (Dh9.88bn) offer for...<\/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-52638","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-dH0","jetpack-related-posts":[{"id":53275,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/snc-lavalin-raises-money-for-atkins-buyout\/","url_meta":{"origin":52638,"position":0},"title":"SNC Lavalin raises money for Atkins buyout","date":"April 29, 2017","format":false,"excerpt":"\r SNC Lavalin, the Canadian engineering and construction company that has made a \u00c2\u00a32.1 billion (Dh9.98bn) offer for the UK-based Atkins Group, has announced that it has raised more than $1.2bn to help pay for the deal. The firm has raised more than C$880 million (Dh2.36 billion) through a public\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52433,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ws-atkins-agrees-to-2-1bn-takeover-by-canadian-rival-snc-lavalin\/","url_meta":{"origin":52638,"position":1},"title":"WS Atkins agrees to \u00a32.1bn takeover by Canadian rival SNC-Lavalin","date":"April 21, 2017","format":false,"excerpt":"\r \r \r Source : telegraph.co.uk\r Read more...WS Atkins agrees to \u00a32.1bn takeover by Canadian rival SNC-Lavalin","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":58024,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ws-atkins-delivers-a-last-blast-in-final-results-ahead-of-expected-2-1bn-takeover-by-snc-lavalin\/","url_meta":{"origin":52638,"position":2},"title":"WS Atkins delivers a last blast in final results ahead of expected \u00a32.1bn takeover by SNC-Lavalin","date":"June 15, 2017","format":false,"excerpt":"\r \r \r Source : telegraph.co.uk\r Read more...WS Atkins delivers a last blast in final results ahead of expected \u00a32.1bn takeover by SNC-Lavalin","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13952,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-arabia-construction-contract-awards-drop-by-51-per-cent-in-first-three-months\/","url_meta":{"origin":52638,"position":3},"title":"Saudi Arabia construction contract awards drop by 51 per cent in first three months","date":"May 22, 2016","format":false,"excerpt":"\r Saudi Arabia's construction market is in for a \"challenging year\" as lower oil prices continue to place restrictions on capital spending, according to a new report by National Commercial Bank (NCB).NCB's quarterly construction contracts index reports that just 27.9 billion Saudi riyals (Dh27.3bn) of new contract awards were made\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":56372,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/faithful-gould-to-oversee-mirals-dh12bn-yas-bay-project\/","url_meta":{"origin":52638,"position":4},"title":"Faithful + Gould to oversee Miral's Dh12bn Yas Bay project","date":"May 30, 2017","format":false,"excerpt":"\r Project management consultancy Faithful + Gould has been appointed to project manage Miral's Dh12 billion Yas Bay master development.Yas Bay, which was announced earlier this month, is a 14-million-square foot site at the southern end of Yas Island. The master plan for the development includes a new pier and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4015,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uk-firm-atkins-sheds-100-jobs-as-construction-hit-by-tightening-middle-east-budgets\/","url_meta":{"origin":52638,"position":5},"title":"UK firm Atkins sheds 100 jobs as construction hit by tightening Middle East budgets","date":"February 7, 2016","format":false,"excerpt":"\r \r Construction companies are laying off staff as experts warn that the low cost of oil will continue to bite into budgets this year.Last week the British engineering company Atkins became the latest construction-related firm to cut jobs in the region as it made about 100 of its 2,000\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/52638"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=52638"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/52638\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=52638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=52638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=52638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}