Balfour Beatty has announced it is “terminating” discussions with Carillion over a potential £3 billion merger.
In a statement, Balfour Beatty confirmed that it has decided not to continue with the talks after Carillion decided it would only consider a merger if Balfour Beatty cancelled the sale of Parsons Brinckerhoff.
Last week, the two companies had indicated that the sale, which was announced in May, would go ahead unaffected.
Balfour Beatty said: “This change in the proposed terms is not acceptable to the Board of Balfour Beatty.
“Balfour Beatty will proceed in accordance with its own business plan, including the competitive sale process of Parsons Brinckerhoff currently well underway. It will also continue to actively progress its search for a Group CEO.”
The substantial restructuring of Balfour Beatty continued earlier this week, when Vp announced that it had acquired Balfour Beatty’s trackside plant and equipment (TP&E) business and assets for £5.5 million, including a five-year framework agreement to supply plant equipment to Balfour Beatty Rail in the UK.