Alfred McAlpine shareholders approve Carillion takeover

Source: Construction Digital

Date :22/01/2008 14:36:53

Alfred McAlpine’s proposed £572 million takeover by Carillion was backed unanimously in the company’s extraordinary general meeting yesterday.

This news comes after the earlier backing by Carillion’s shareholder, also unanimously,

The proposed takeover was originally announced by Carillion back in late November last year, while it was confirmed on December 10.

The merger of the two companies will create a company with a turnover of around £5 billion, approaching Balfour Beatty as the largest construction firm in the country.

Acquisition

Alfred McAlpine should officially become part of Carillion in February if the takeover proceeds as planned.

Commenting, John McDonough, Carillion chief executive said:

“I am delighted that Alfred McAlpine shareholders have voted in favour of the transaction. The acquisition of Alfred McAlpine is a significant step in Carillion's development, creating one of the UK’s largest support services companies, in line with our strategy for growth.

“With enhanced positions in a wide range of growth market sectors, together with integration cost savings at an expected run rate of £30 million a year by the end of 2009, the acquisition of Alfred McAlpine will further strengthen our ability to maintain the Group's strong momentum and deliver materially enhanced earnings in 2009, the first full year of operations.”

January 22, 2008