Balfour to Raise Cash for Acquisition

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Byline: Robert Lea

BALFOUR Beatty is on the verge of a major acquisition believed to be in the US which will see it go to shareholders to raise around [pounds sterling]350 million via a rights issue.

The British construction giant, possibly the best known UK company in the sector with major contracts like the continual roadworks on the M25 London orbital, has already signalled its expansion plans in North America.

After strategic acquisitions over the last 15 months in California and in the south east of the US, America now makes up 30% of Balfour's revenues, and chief executive Ian Tyler has made "growing our business presence in the US" his most prominent …