Amec tumbles after warning
AMEC warned investors yesterday that weak trading at its UK construction unit and a £65 million write-off would dent first-half profits. Its shares fell 33p to 312½p. But the engineering services provider said it was confident of meeting full-year expectations, boosted by trading at its oil and gas division and a recovery at its US industrial unit. The £65 million in exceptional charges related to legal disputes and costs for exiting contracts.
Bawag ‘sale’
The Austrian trade union federation, owner of Bank für Arbeit und Wirtschaft (Bawag), has been approached by several potential bidders for the troubled Austrian lender. It indicated that it planned to sell the country’s fourth-largest bank in its entirety, instead of breaking it up in pieces.
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ABP bid move
The 3i-Macquarie consortium, which is considering a £2.5 billion bid for Associated British Ports, has begun due diligence of the takeover target’s assets and records. The consortium is expected to decide next week whether to trump the Admiral Group’s 840p cash offer for the UK’s biggest ports owner.
MFI front-runners
Merchant Equity Partners, the private equity fund, and Apax Partners are believed to be among investors that have been shortlisted for MFI Retail, the loss-making furniture store business which is up for sale. Dresdner Kleinwort Wasserstein is advising MFI Furniture, which is selling its 200 stores.