Deals
Cimic Offers to Buy Aussie Engineer UGL in $398 Million Deal
- UGL shareholders to receive A$3.15 per share at 47% premium
- Takeover target has slumped since disclosure of project delays
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Cimic Group Ltd., the Australian construction company controlled by Germany’s Hochtief AG, offered to buy UGL Ltd. in a deal valuing the engineering firm at A$524 million ($398 million).
Cimic, which took a 13.8 percent stake in Sydney-based UGL in a block-trade Monday, offered A$3.15 per share in cash for the remaining stock, according to a statement to the stock exchange. That’s 47 percent more than UGL’s last closing price on Friday.