{"id":53275,"date":"2017-04-29T20:39:06","date_gmt":"2017-04-29T13:39:06","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=53275"},"modified":"2017-04-29T18:51:58","modified_gmt":"2017-04-29T11:51:58","slug":"snc-lavalin-raises-money-for-atkins-buyout","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/snc-lavalin-raises-money-for-atkins-buyout\/","title":{"rendered":"SNC Lavalin raises money for Atkins buyout"},"content":{"rendered":"


\nSNC 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 offering of subscription receipts and more than C$400m through a private placement of subscription receipts with Canadian pension fund Caisse de d\u00c3\u00a9p\u00f4t et placement du Qu\u00c3\u00a9bec.
\nThe company said that the amount raised would sit in an escrow account until July 31, by which time it expects to close the deal, subject to regulatory and court approvals (which will need to be in place by October 27). If no deal has been agreed by that time the money will be returned, with any interest earned during that period also being distributed back to shareholders on a pro-rata basis.The merger between the two organisations will create a combined entity with combined revenues of over C$12bn and 53,000 employees. The Middle East and Africa will be the biggest region in terms of employees, with 19,625 staff according to documents filed by SNC Lavalin explaining the merger.
\nSNC Lavalin employs around 11,000 staff in the Middle East region alone, while Atkins employs about 2,400.SNC Lavalin also announced on Thursday that it had been chosen by Saudi Aramco to provide engineering and project management services for its Berri Increment programme, through which it is looking to boost output from the Berri field on the country’s east coast. The work will involve front-end engineering design for a new, gas oil separation plant at Abu Ali and facilities at its Khursaniyah plant for handling hydrocarbon condensate.
\nMartin Adler, the president of SNC Lavalin’s oil & gas business, said: “SNC-Lavalin has worked with Saudi Aramco for nearly 40 years and has maintained an impressive track record of safely and successfully delivering projects. This contract award shows the depth of our commitment to customer relations in Saudi Arabia and the region as a whole.”mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…SNC Lavalin raises money for Atkins buyout<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SNC Lavalin, the Canadian engineering and construction company that has made a \u00c2\u00a32.1 billion (Dh9.98bn)...<\/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-53275","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-dRh","jetpack-related-posts":[{"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":53275,"position":0},"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":52638,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/atkins-board-agrees-to-a2-1bn-takeover-approach-from-canadas-snc-lavalin\/","url_meta":{"origin":53275,"position":1},"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":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":53275,"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":53275,"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":53275,"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":50782,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ws-atkins-shares-soar-after-2-1bn-takeover-approach-from-canadian-rival\/","url_meta":{"origin":53275,"position":5},"title":"WS Atkins shares soar after \u00a32.1bn takeover approach from Canadian rival","date":"April 3, 2017","format":false,"excerpt":"\r \r \r Source : telegraph.co.uk\r Read more...WS Atkins shares soar after \u00a32.1bn takeover approach from Canadian rival","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\/53275"}],"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=53275"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/53275\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=53275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=53275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=53275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}