ANALYSTS are still expecting Carillion to make a formal offer for rival contractor Mowlem two weeks after admitting to an interest in buying the firm.
City sources are hoping any deal will be wrapped up before Christmas, pointing out that Mowlem has not done anything to rebuff the raid.
One observer said: 'Carillion must have completed its due diligence by now. No defence mechanism has been put in place by Mowlem and any company that doesn't want to be taken over would have done so by now.' A merger would see Carillion