Carillion and Balfour Beatty

Balfour Beatty: Carillion, one of Britain biggest support services companies with annual revenues of more than 4bn, made an approach to Balfour Beatty, which has been under pressure since Andrew McNaughton departed as chief executive in early May after just a year in the job amid a profit warning, according to The Guardian. The companies have until 21 August to announce either a firm intention to merge or state that no deal would take place and A 3bn construction and services company is likely to be created after Balfour Beatty and Carillion revealed that they are in talks about a merger. The companies said after the stock market closed that both boards believe that a merger has the "potential to create a market-leading services, investments, and construction business of considerable depth and scale". However, the proposal will only go ahead if both boards recommended it to shareholders and no decision had yet been reached about the structure of such a deal. (news.financializer.com). As reported in the news.