pounds 375m offer expected for Amec

pounds 375m offer expected for Amec

The triangular bid moves surrounding Amec, the UK construction group, are expected to see the Norwegian group Kvaerner pitch in with an offer worth pounds 375m either today or tomorrow. The 100p bid for the ordinary shares would be at the same price as last week's dawn raid that netted Kvaerner 10 per cent of its target and is likely to be in cash. The move will force Amec to work hard to convince the City that its all-paper offer for rival contractor Alfred McAlpine, launched on Friday, makes sense. Amec's defence will argue that analysts' forecasts of pounds 25m profits for next year are too low and that overseas contracts have yet to show their potential.