MONTREAL,
Aug. 11, 2014 /CNW Telbec/ -
SNC-Lavalin Group Inc. (TSX: SNC) is pleased to announce that,
following Kentz's Extraordinary General Meeting held in
London today, Kentz's shareholders
voted in favour of SNC-Lavalin's recommended cash offer of
£1.2 billion (C$2.1 billion).
The relevant anti-trust clearances and approvals have been
obtained or the relevant waiting periods have expired, lapsed or
otherwise terminated. The Scheme Court Hearing will be held on
August 21, 2014 and, subject to the
sanction of the Court and the satisfaction or waiver of certain
other conditions, the acquisition will become effective in
accordance with its terms on August 22,
2014.
"We are very pleased that we have passed this important
milestone as part of our offer to acquire Kentz," said Robert G. Card, President and CEO, SNC-Lavalin
Group Inc. "It speaks to the fact that, by joining forces, we will
have that much more to offer our clients and the communities we
serve. We look forward to welcoming Kentz's employees into the
SNC-Lavalin family."
About SNC-Lavalin
Founded in 1911, SNC-Lavalin is one of the leading engineering and
construction groups in the world and a major player in the
ownership of infrastructure. From offices in over 40 countries,
SNC-Lavalin's 30,000 employees provide EPC and EPCM services to
clients in a variety of industry sectors, including mining and
metallurgy, oil and gas, environment and water, infrastructure and
clean power. SNC-Lavalin can also combine these services with its
financing and operations and maintenance capabilities to provide
complete end-to-end project solutions. www.snclavalin.com
About Kentz Corporation Limited
Kentz is a global engineering specialist solutions provider, which
serves a blue chip client base primarily in the oil & gas,
petrochemical and mining and metals sectors. It is listed on the
London Stock Exchange (symbol:
KENZ). Kentz has over 15,500 employees in 36 countries. Its three
main business lines are: Engineering and Projects, Construction,
and Technical Support Services (TSS). It has a proven track record
of delivering mechanical, electrical, controls and instrumentation
engineering, construction and management services in some of the
most remote locations on earth.
Forward-looking statements
The Information may contain statements relating to SNC-Lavalin and
Kentz and the business sectors in which they operate which are, or
may be deemed to be, "forward-looking statements", including for
the purposes of Canadian securities law and the US Private
Securities Litigation Reform Act of 1995. Generally, the words
"will", "may", "should", "could", "would", "continues", "believes",
"expects", "intends", "anticipates", "forecasts", "plans",
"targets", "aims", "estimates" and "projects" or similar
expressions identify forward-looking statements. Forward-looking
statements include statements relating to the following: (i) future
capital expenditures, expenses, revenues, earnings, synergies,
economic performance, indebtedness, financial condition, dividend
policy, losses and future prospects; (ii) business and management
strategies and the expansion and growth of Kentz or SNC-Lavalin's
operations and potential synergies resulting from the Acquisition;
and (iii) the effects of government regulation on Kentz or
SNC-Lavalin's business.
Such statements reflect the relevant company's current views
with respect to future events and are subject to risks, assumptions
and uncertainties that could cause the actual results to differ
materially from those expressed or implied in the forward-looking
statements. Many of these risks, assumptions and uncertainties
relate to factors that are beyond the companies' abilities to
control or estimate precisely, such as future market conditions,
changes in general economic and business conditions, the behaviour
of other market participants, the anticipated benefits from the
proposed transaction not being realised as a result of changes in
general economic and market conditions in the countries in which
SNC-Lavalin and Kentz operate, weak, volatile or illiquid capital
and/or credit markets, changes in tax rates, interest rate and
currency value fluctuations, the degree of competition in the
geographic and business areas in which SNC-Lavalin and Kentz
operate and changes in laws or in supervisory expectations or
requirements. Neither SNC-Lavalin nor Kentz can give any assurance
that the forward-looking statements will prove to have been
correct. You should not, therefore, place undue reliance on these
forward-looking statements, which speak only as of the date of this
announcement. Neither SNC-Lavalin nor Kentz undertakes any
obligation to update or revise publicly any of the forward-looking
statements set out herein, whether as a result of new information,
future events or otherwise, except to the extent legally
required.
SOURCE SNC-Lavalin