WSP and AB in pounds 9.8m merger

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The Independent Online
TWO international engineering consultants, WSP Holdings and AB Consulting, are to merge, valuing the group at pounds 9.8m and giving them a combined turnover of more than pounds 20m, writes Russell Hotten.

'The skills offered by the two groups are complementary and the progressive integration of the activities of both groups will lead to overhead savings,' the companies said. The offer is a recommended six new WSP shares for every five AB.

The new company, which will employ 560 people, will become one of the largest quoted civil and building engineering consultancies. WSP said both served blue chip clients but there would be little duplication of the client list. AB shares rose 8p to 48p while WSP shares were unchanged at 42p.