VT Rejects Babcock’s Takeover Proposal

17 February 2010 (Last Updated February 17th, 2010 18:30)

British warship builder VT Group has rejected a £1.14bn ($1.79bn) takeover approach proposed by defence and engineering group Babcock International. The board of VT Group has refused to enter into takeover discussions, according to Babcock. In 2009, Babcock made two formal approac

British warship builder VT Group has rejected a £1.14bn ($1.79bn) takeover approach proposed by defence and engineering group Babcock International.

The board of VT Group has refused to enter into takeover discussions, according to Babcock.

In 2009, Babcock made two formal approaches to VT before sending a letter to the board on 3 February outlining its takeover rationale.

VT Group is trying to buy infrastructure firm Mouchel and raised its bid for the acquisition of the firm.

A Babcock collaboration with VT has significant industrial and commercial logic, and would bring together two highly complementary businesses to create a large and focused international engineering support services company, according to Babcock.