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

 |  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.

“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.

Full Content: Interactive Investor

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