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Bilfinger sneaks in to take Ballast PFI
12:09 13 Nov 2003
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As CJ went to press it appeared that Bilfinger Berger had stolen
Ballast plc's services division away from front-runner
Mapeley.
Bilfinger was expected to make an announcement today (Wednesday).
A Ballast source expressed surprise and disappointment at the news. He said: "Bilfinger Berger is not renowned for moving quickly and our management won't want to work with it as we've clashed with it in the past. And having had one continental parent, there is no wish to become part of another."
The administrator, Deloitte & Touche, had two bidders for the PFI and FM business in the shape of Bilfinger Berger, the German construction group, and Mapeley, the outsourcing specialist that is actively looking to move into PFI.
Mapeley had moved ahead by putting its bid on the table but it was a discounted "take it or leave it" offer. "It is looking at two other potential acquisitions which are huge by comparison and the Ballast bid was just petty cash by comparison," said a source.
Had both bids run out of steam, that could have given a clear run to the dark horse Babcock International, a financial group.
It has no link to Babcock & Brown, the consultant working on the Tower Hamlets PFI where Ballast is the contractor (see right).
While the issue of the ownership of the services division is still unresolved, Rok Property Solutions has bought three of the northern construction regions. They cover Wales, the north of England and Scotland and will boost Rok's annual turnover by around £48m.
Garvis Snook, chief executive of Rok, said: "We are delighted to have secured this acquisition. It represents a major stride for Rok in achieving its goal of offering its solutions across the length and breadth of the UK."
Rok is paying £2m in cash for certain assets and construction contracts, the figure being dependent on the novation of the construction contracts. Rok is not inheriting historical liabilities other than those associated with the specific contracts. It generated a gross profit of £500,000 in the 12 months to 31 December 2002.
Bilfinger was expected to make an announcement today (Wednesday).
A Ballast source expressed surprise and disappointment at the news. He said: "Bilfinger Berger is not renowned for moving quickly and our management won't want to work with it as we've clashed with it in the past. And having had one continental parent, there is no wish to become part of another."
The administrator, Deloitte & Touche, had two bidders for the PFI and FM business in the shape of Bilfinger Berger, the German construction group, and Mapeley, the outsourcing specialist that is actively looking to move into PFI.
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Mapeley had moved ahead by putting its bid on the table but it was a discounted "take it or leave it" offer. "It is looking at two other potential acquisitions which are huge by comparison and the Ballast bid was just petty cash by comparison," said a source.
Had both bids run out of steam, that could have given a clear run to the dark horse Babcock International, a financial group.
It has no link to Babcock & Brown, the consultant working on the Tower Hamlets PFI where Ballast is the contractor (see right).
While the issue of the ownership of the services division is still unresolved, Rok Property Solutions has bought three of the northern construction regions. They cover Wales, the north of England and Scotland and will boost Rok's annual turnover by around £48m.
Garvis Snook, chief executive of Rok, said: "We are delighted to have secured this acquisition. It represents a major stride for Rok in achieving its goal of offering its solutions across the length and breadth of the UK."
Rok is paying £2m in cash for certain assets and construction contracts, the figure being dependent on the novation of the construction contracts. Rok is not inheriting historical liabilities other than those associated with the specific contracts. It generated a gross profit of £500,000 in the 12 months to 31 December 2002.
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