Mowlem shareholders says 'yes' to Carillion

Mowlem shareholders have voted overwhelmingly in support of accepting the £310m takeover bid from Carillion.

The new shares in the £4bn-a-year combined group are set to start trading on February 23, with the quest for court approval on the previous day being seen as little more than a mere formality.

Carillion demerged from Tarmac in July 1999 and since then it has undertaken a steady transformation.

A selectivity policy resulted in a £600m-a-year drop in construction turnover as it sold its social housing division, M&E contractor Crown House, the French contracting business, as well as piling and plant hire. Carillion also quit regional civil engineering.

At the same time, chief executive Jon McDonough expanded strongly in support services and PFI, with turnover rising by 12% every year.

When Carillion first launched its agreed bid for Mowlem, it said that Roger Robinson would lead the internal due diligence team that would oversee the integration process, with the team comprising of both Carillion and Mowlem people.