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."
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
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.
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
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.
For further information:
Public Relations Manager,
Global Corporate Communications
SNC-Lavalin Group Inc.
514-393-8000, ext. 54772
Vice-President, Investor Relations
SNC-Lavalin Group Inc.
514-393-8000, ext. 57553