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Balfour Beatty & Carillion – the merger saga over or further to go?

By Steve Moore | Monday 4 August 2014


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Having announced “preliminary discussions in relation to a possible merger” with Carillion PLC (CLLN) on 25th July, Balfour Beatty (BBY) has now announced that it has terminated the discussions after “Carillion's wholly unexpected decision to only progress the possible merger in the event that (US-headquartered engineering consultancy business) Parsons Brinckerhoff remained part of the potential combined entity”. Below I analyse this strange twist of events, after the prospective merger was originally described by the companies as having “the potential to create a market leading services, investments, and construction business of considerable depth and scale”


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