Kentz confident on standalone future after bidders walk away
LONDON (Reuters) - Oil and gas construction firm Kentz (KENZ.L) said it was confident about its future as a standalone company after two bidders decided against making offers for the group.
Earlier on Friday, German firm M+W Group said it did not intend to make an offer for Kentz, a day after rival bidder Amec (AMEC.L) pulled out.
Analysts had previously suggested that Kentz might be the target of a bidding war.
M+W Group and Amec submitted offers for Kentz earlier this year, both of which were rejected by Kentz. Amec's rejected offer had valued the company at about 680 million pounds ($1.08 billion) compared to a market capitalization of 561 million pounds before the offer was made public.
Kentz, a FTSE 250 company, has grown rapidly since it listed in 2008 into a diversified construction company with mining, oil and gas, and infrastructure projects around the world.
It said that its outlook remained strong, citing a growing pipeline of opportunities, increased bidding activity and a strong balance sheet that would allow it to grow organically and by acquisitions.
"We have a clear and realizable strategy in place that we believe will continue to deliver strong returns for our shareholders," Kentz's chief executive Christian Brown said.
At 1331 GMT, shares in Kentz were down 1.14 percent, valuing the company at 588.3 million pounds.
($1 = 0.6319 British pounds)