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Parsons Brinckerhoff shareholders approve Balfour Beatty takeover

Balfour Beatty’s acquisition of US giant Parsons Brinckerhoff was today approved by the consultants’ shareholders with a massive 98.9% of votes cast in favour of the deal.

As the minimum acceptance condition of 75% has been satisfied, Balfour Beatty expects the acquisition of Parsons Brinckerhoff to complete by the end of October.

Parsons Brinckerhoff chief executive Keith Hawksworth told staff that their support was “greatly appreciated”.

“Your strong support indicated by the very high voting percentage, your questions and participation in the various town hall and proxy presentation sessions, and your willingness to accept change in what I believe to be a most positive way forward, are all greatly appreciated,” said Hawksworth. “My thanks to each of you and my particular thanks to a strong team effort by those who worked so hard throughout the process which has led to an extraordinarily strong endorsement of the merger proposals.

“I advise therefore that we will now proceed to closure of the merger transaction scheduled for 27 October. 

“Finally, with the closure of this transaction we will move into yet another phase in the development of Parsons Brinckerhoff, a phase which will offer all of us the opportunity to participate in a new and exciting development in the creation and care of essential infrastructure assets. I look forward to working with you in building a more satisfying and rewarding future for the Parsons Brinckerhoff team as we enter our 125th year of providing infrastructure to the communities in which we work.”

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