Bilfinger backs down from Ballast bid

Bilfinger Berger is reported to have walked away from its planned acquisition of Ballast's UK services division which contained its profitable PFI and FM businesses.

A source told CJ: "Bilfinger had until Wednesday to agree a price. The administrator set this deadline last Friday, giving Bilfinger just five days, including the weekend, to sort out a bid."

He added that by last Friday, Mapeley's counter-bid had fallen through because it didn't offer enough.

A second source added: "Bilfinger Berger's UK team took its proposal to the German masters at head office and they were told to forget it.

"If Deloitte & Touche [the administrator] had told Mapeley that Bilfinger was the chosen party and if the administrator is now going back to Mapeley to revive its interest, the reply could be to **** off. Alternatively Mapeley could agree to re-enter the fray, but only at a further discounted level."

Botes is reported to have agreed with clients for the novation of two of the eight live contracts in the former southern division of Ballast's construction business.