AMEC Acquisition of GRD Finalised
AMEC announced today that its acquisition of GRD Limited (GRD) is now finalised.
GRD today received Australian Federal Court approval for the acquisition by way of a scheme of arrangement following the shareholder approval obtained on 10 November 2009. All necessary approvals have now been obtained and the scheme is effective. The scheme will be implemented on 30 November 2009 when the scheme consideration of A$0.55 per GRD share will be paid to GRD shareholders. Total consideration for the transaction is A$106 million in cash, funded from existing AMEC cash balances.
GRD's main business is GRD Minproc, a world-class engineering and project delivery business specialising in the design, procurement and construction of mineral projects, with its main operations in Australia, South Africa and South America.
AMEC and Minproc have complementary expertise: Minproc is internationally recognised for expertise in process engineering, particularly in copper, gold, uranium, nickel and iron ore and AMEC in this sector is recognised for its mining consulting services, engineering studies and project delivery. Together, the businesses will have operations giving almost total global coverage and a strong client base, which includes BHP Billiton, Rio Tinto, Anglo and Vale.
"This acquisition supports our long-term strategy of growing our mining business globally, and of strengthening our presence in Australasia," said Samir Brikho, AMEC Chief Executive. "Bringing AMEC and Minproc together creates a global mining business that will deliver projects for our customers seamlessly, consistently and to the highest standards."
is an Australian engineering and development company.
, a wholly owned subsidiary of GRD Limited, is a leading global engineering and project delivery business providing high value services and specialising in the design, procurement and construction of mineral resource and waste-to-resources projects. The company's process engineering and project record are internationally recognised with extensive experience gained in copper, gold, uranium, nickel and iron ore. Customers include BHP Billiton, Anglo American, Freeport McMoRan, Rio Tinto and Vale.
is a development company specialising in the recovery of resources from municipal solid waste. Global Renewables is currently undertaking the Lancashire Waste Partnership PFI Project, one of the largest waste contracts of its type in the United Kingdom.
GRD's revenue in the year ending 31 December 2008 (for continuing activities) was A$251 million (£123 million).
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