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| John Laing accepts £957m takeover | John Laing accepts £957m takeover |
| (about 1 hour later) | |
| John Laing, the British construction and infrastructure operator, has agreed to a £957.5m ($1.8bn) takeover by German insurer Allianz. | John Laing, the British construction and infrastructure operator, has agreed to a £957.5m ($1.8bn) takeover by German insurer Allianz. |
| The firm has recommended a 385 pence-per-share offer from Allianz Infrastructure Holdings to investors. | The firm has recommended a 385 pence-per-share offer from Allianz Infrastructure Holdings to investors. |
| The offer trumps a rival bid of 355 pence-per-share from Henderson Equity Partners which Laing previously backed. | The offer trumps a rival bid of 355 pence-per-share from Henderson Equity Partners which Laing previously backed. |
| John Laing builds hospitals, schools and roads under the PFI initiative and owns the Chiltern Railways franchise. | John Laing builds hospitals, schools and roads under the PFI initiative and owns the Chiltern Railways franchise. |
| International aspirations | International aspirations |
| The firm had recommended Henderson's offer to its shareholders, but it has now thrown its weight behind Allianz's higher offer. | The firm had recommended Henderson's offer to its shareholders, but it has now thrown its weight behind Allianz's higher offer. |
| The Allianz Group will provide capital to support the growth of the Laing business Thomas Putter, Allianz href="http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/shares/3/23318/intraday.stm" class="">See John Laing shares | |
| "We believe the Allianz offer provides John Laing shareholders with an attractive cash price which fully reflects the quality of John Laing's portfolio and established position in the PFI/PPP markets," said John Laing chairman William Forrester | "We believe the Allianz offer provides John Laing shareholders with an attractive cash price which fully reflects the quality of John Laing's portfolio and established position in the PFI/PPP markets," said John Laing chairman William Forrester |
| John Laing has overseen more than 50 public sector infrastructure projects under the private finance initiative. | John Laing has overseen more than 50 public sector infrastructure projects under the private finance initiative. |
| It built the second Severn Bridge crossing and has become a major provider of healthcare, housing and wastewater treatment facilities. | It built the second Severn Bridge crossing and has become a major provider of healthcare, housing and wastewater treatment facilities. |
| Outside the UK it is involved in road building schemes in Norway, Poland and the United States. | Outside the UK it is involved in road building schemes in Norway, Poland and the United States. |
| Allianz said its bid would give John Laing access to additional funding to enable it to develop its operations outside the UK. | Allianz said its bid would give John Laing access to additional funding to enable it to develop its operations outside the UK. |
| "The Allianz Group will provide capital to support the growth of the Laing business to enhance its position as a leading PFI/PPP provider in the UK and support its international expansion," said Thomas Putter, director of Allianz Infrastructure Holdings. | "The Allianz Group will provide capital to support the growth of the Laing business to enhance its position as a leading PFI/PPP provider in the UK and support its international expansion," said Thomas Putter, director of Allianz Infrastructure Holdings. |
| Henderson Equity Investors may yet decide to increase its offer although it has yet to make its position clear. | Henderson Equity Investors may yet decide to increase its offer although it has yet to make its position clear. |