Atkins’ current chief executive Uwe Krueger will be replaced by finance chief Heath Drewett (Atkins)

Atkins shareholders approve sale to SNC-Lavalin

27 June 2017 | By GCR Staff 0 Comments

More than 83% of Atkins shareholders have voted in favour of the buyout by Canadian construction and engineering giant, SNC-Lavalin.

Atkins said just 16% voted against the move at a court meeting and general meeting.

Atkins’ management recommended to shareholders the Montreal-headquartered group’s 2,080p a share offer for the company, which valued the company at £2.1bn, back in April.

Subject to the takeover being court approved it is expected to finalise on 30 June. Atkins said an application will be made to suspend trading of the firm’s shares at 6pm on that day, UK magazine Building reported.

An application would also be made to de-list the firm from the London Stock Exchange and the cancellation of trading of Atkins shares, which is expected to take place at 8am on 4th July.

The takeover will see the departure of Atkins’ chief executive Uwe Krueger (pictured), who will be replaced by Heath Drewett, Atkins’ chief financial officer.

Drewett will report to SNC Lavalin’s board, running Atkins as a separate group within the Canadian firm.

The merger will create a 53,050-strong global firm with revenues close to £7bn.

When the two firms agreed the sale in April, Neil Bruce, SNC-Lavalin President & CEO, said: “By combining two highly complementary businesses, we will increase our depth and breadth of services to position us as a premier partner to public and private sector clients.”

He added: “It also creates new revenue growth opportunities in key geographies by positioning us to capitalize on increased cross-selling and the opportunity to win and deliver major projects in new regions. I look forward to welcoming Atkins’ employees into our combined company.”

Earlier in June Atkins revealed it had broken the £2bn revenue barrier and seen pre-tax profit increase by 13% to £148m for the year to April, up from £131m last year.

Image: Atkins’ current chief executive Uwe Krueger will be replaced by finance chief Heath Drewett (Atkins)