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UK: French group Altrad’s takeover of energy services giant Cape approved

By  |  August 31, 2017

Altrad announced the £332 million (US$429.4 million) takeover deal, which affects hundreds of workers employed by Cape in Aberdeen, in July.

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    “The Competition and Markets Authority has confirmed that it has no further questions for Altrad in relation to its [takeover] of Cape,” the company said in a statement on August 31.

    Montpellier-based construction equipment manufacturer Altrad said it would fund the deal with a loan from BNP Paribas, adding Cape’s directors considered the offer “fair and reasonable”.

    It also said it would launch a “review of Cape’s business and operations” and it was currently unable to say what impact the acquisition may have on the 17,000-strong workforce.

    More reassuringly, it said it attached “great importance” to the skills of the existing Cape management and employees” and believed they would benefit.

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