M&A

The Competition and Markets Authority (CMA) has raised concerns about the potential market impact of Kingspan's acquisition of materials supplier SIG’s Building Solutions division. Kingspan and SIG agreed the £37.5m deal in October last year after SIG carried out a strategic review and moved to offload the arm, prompting the…

Chinese steelmaker Jingye has completed its takeover of British Steel. The official receiver David Chapman has confirmed the sale of the manufacturer’s steelworks at Scunthorpe, mills in Teesside and Skinningrove and subsidiaries TSP Engineering and FN Steel. Talks with regulatory bodies are ongoing about the possible sale of its mill…

A South Korean company has made a “major investment” into a UK offsite construction business and taken a significant stake in the business. Elements Europe, whose turnover is £23m, has sold a share of its business to South Korea-based GS E&C. Elements plans to use the fresh capital to open…

Bovis Homes, now known as Vistry, incurred costs of around £15m in its acquisition of Galliford Try’s Linden Homes and Partnership and Regeneration businesses. The money covered fees for advisers and investment banking fees related to Vistry placing £150m worth of new shares to fund the deal. The housebuilder revealed…

Kier has injected almost £164m of equity into its housebuilding arm to deal with inter-company debt and to try to prepare it for sale. Kier Living issued £163.8m of new shares on 19 December, with parent company Kier Group PLC paying £1 each for them, taking the value of the…

Breedon has struck a deal to buy around 100 Cemex sites in the UK. The takeover will see the construction materials company pay £155m in cash and assume £23m of liabilities for Cemex's operations spread across six divisions in Scotland, Wales, the North East, Norfolk, East Midlands and Yorkshire. The…

Bovis Homes shareholders voted in favour of the acquisition of Galliford Try’s Linden Homes and Partnerships & Regeneration business on Monday, but had to face down a significant revolt over executive pay. Some 96 per cent of shareholders passed the resolution to move forward with the £1bn deal, which will…

Galliford Try has agreed the £1.14bn terms to sell its Linden Homes and Partnership & Regeneration businesses to Bovis. Shareholders of both companies will now vote on the deal, which is expected to be completed on 3 January. The final terms are unchanged from the outline terms announced on 10…

Galliford Try’s construction chief executive Bill Hocking (pictured) will take over as group chief executive if the sale of Linden Homes to Bovis goes through. Current Galliford Try CEO Graham Prothero will move to Bovis and take up the chief operating officer position under CEO Greg Fitzgerald. The pair worked…

Tata Steel has announced proposals to close South Wales plant Orb Electrical Steels, which could see up to 380 jobs lost. After failing to sell the business, the firm announced today that it is proposing its closure instead. A further 26 jobs could also go at the firm’s Wolverhampton Engineering…