Ichthys contracts to decide fate of CIMIC bid for UGL
The fate of a $524 million takeover bid for engineering contractor UGL will rest on whether the company is past the worst of cost blowouts associated with its contracts to build the Ichthys LNG plant in Darwin.
Spanish-owned construction giant CIMIC, formerly known as Leighton Holdings caught UGL's management and board by surprise when it lobbed a hostile, cash-only bid for the company priced at $3.15 a share, 47 per cent above UGL's closing price last week.
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