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Investors buy up 97pc of Balfour Beatty rights issue shares

Investors have snapped up 97 per cent of the new shares issued by Balfour Beatty in order to buy Parsons Brinckerhoff.

Balfour launched a £353 million rights issue on 17 September following the announcement it was going to buy US consultant Parsons Brinckerhoff for £380 million.

Bosses revealed today that 97.06 per cent of the 199.5 million new shares created in the rights issue have been bought up by existing Balfour shareholders.

This gives Balfour in the region of £340 million of the cash it needs to complete the Parsons purchase.

Earlier this week Parsons Brinckerhoff overwhelming voted in favour of the Balfour takeover.

The resolutions required for the acquisition of Parsons Brinckerhoff by Balfour Beatty were passed by the holders of over 99 per cent of Parsons Brinckerhoff’s capital stock eligible to vote, with approximately 99 per cent of votes cast in favour of the resolutions.

Balfour Beatty bosses said they expect the acquisition of Parsons Brinckerhoff to be complete by the end of October now the minimum acceptance condition of 75 per cent has been satisfied.