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Balfour Beatty deal not dead, says Carillion

Carillion has insisted that its proposed “combination” with Balfour Beatty is still a possibility, despite an earlier statement from its potential partner saying the deal was dead.

A statement from Balfour Beatty this morning said it had unilaterally terminated discussions regarding any merger between the two businesses.

But Carillion, in response, said it was “surprised by Balfour Beatty’s reaction as the work to date has led to increased confidence in the potential to realise very material value for the benefit of both sets of shareholders”.

It continued: “The board of Carillion continues to believe in the powerful strategic rationale of a combination and the capability of such a combination to create very significant shareholder value.”

Carillion said it will give “further consideration” to its position, recognising that “due diligence would have to be concluded to its satisfaction, and that the boards of Carillion and Balfour Beatty would have to recommend the [proposed] combination to their shareholders.”

Carillion added that it would make a further announcement “in due course”.

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