Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Balfour Beatty set for Mowlem bid

Balfour Beatty has waded into the fight for Mowlem after coming forward as a potential bidder for the firm.
Mowlem announced a £291 million bid from Carillion last Wednesday. Mowlem's board have already recommended the 205p a share offer.

But Balfour Beatty - which said today there was 'no certainty' of an offer - has been poring over Mowlem's books and is said to be preparing a cash bid valuing Mowlem at around 220p a share.

Balfour's potential offer raises the prospect of a lucrative auction for Mowlem, with both suitors eyeing its portfolio of PFI contracts and defence deals.

The move caps a troubled 2005 for Mowlem, which issued four profits warnings in 2005 and fell £73.4 million into the red after its new chief executive Simon Vivian carried out a financial review of 1,000 ongoing projects.

He restructured its construction services operation, which resulted in around 300 job losses, and split it into three divisions - Mowlem Building, Mowlem Infrastructure and Mowlem Engineering.

Latest News index

Contact the newsdesk

Related Jobs