Kier confirms it held takeover talks with Mouchel
Infrastructure and construction company Kier Group has confirmed reports that it is in talks to buy sector peer Mouchel.
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"In view of recent press speculation, Kier Group confirms that it has held preliminary discussions regarding a potential acquisition of Mouchel," Kier said in a statement on Monday.
Mouchel, which was rumoured to be considering a stock-market flotation or partial sale earlier in the year, works across a range of sectors, including water, property and highways.
The company, based in Woking, Surrey, was listed on the stock exchange until August 2012 when MRBL, a company owned by RBS, Lloyds, Barclays and Mouchel management, took it over.
Mouchel generated an underlying pre-tax profit of £20.8m in 2013, on revenues that totalled £555.3m.
Kier said: "There can be no certainty that an acquisition of Mouchel will be completed. A further announcement will be made if and when appropriate."
Kier's shares dropped 1.1% to 1,396p in early deals.