AUSENCO FINALISES DEAL

Written on the 21 July 2015

AUSENCO FINALISES DEAL FOLLOWING a one-day trading halt, Ausenco (ASX: AAX) has finalised Spanish multinational Duro Felguera's (DF) private placement.

The private placement was at $0.60 per share, representing a 15 per cent premium to the company's closing price on Monday 20 July.

DF will receive 17,808,087 fully paid ordinary shares in AAX, restricted against on-selling for 12 months.

Following completion of the placement, DF will hold a 14.5 per cent interest in AAX.

The companies have signed a Memorandum of Understanding to jointly pursue and deliver engineering, procurement and construction (EPC) projects globally to increase market share in their sectors.

Duro Felguera previously held a 4.99 per cent holding in AAX, and intends to move deeper into Canada, Australia, Asia and Africa through the alliance.

Both companies have long ties to their industries, with Duro Felguera being listed on the Madrid Stock Exchange since 1905. It currently has a market capitalisation of 0.6 billion.

AAX's expertise in mining and oil & gas solutions is complemented by Duro Felguera's established construction background, key presence in the energy sector and long history of successful EPC project delivery.

There is also said to be little overlap of current clients or markets between the companies.

AAX operates from 31 offices in 19 countries, with a major presence in the Americas, Africa and Asia. Meanwhile, Duro Felguera holds strongest in Europe, South America and Australia respectively.



Latest News

WHY VIDEO IS A "GIVEN" FOR BUSINESS

IN TODAY's digital-driven world, video is king and if used right, it can push a company's brand and brand ...

BRAMBLES TUMBLES AFTER REDUCING GUIDANCE

BRAMBLES (ASX: BXB) will miss its first-half guidance due to cost pressures at its North America business.

The com...

VILLAGE ROADSHOW PARKS HURT BY DREAMWORLD TRAGEDY

QUEENSLAND visitors to Village Roadshow (ASX: VRL) theme parks have declined 12 per cent in the wake of four deaths a...

ASF UNVEILS TRAFFIC PLANS FOR THE SPIT

A SECOND bridge over the Nerang River is the centrepiece of the ASF Consortium's plan to improve traffic flow ...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter