More than 83% of Atkins shareholders voted in favour of the buyout by SNC-Lavalin

Uwe Krueger

Atkins鈥� shareholders have approved the takeover of the firm by Canadian engineer SNC-Lavalin.

The firm reported that over 83% of shareholders voted in favour of the deal with over 16% voting against at a court meeting and general meeting.

Subject to the takeover being court approved it is expected to finalise on 30 June and Atkins said an application will be made to suspend trading of the firm鈥檚 shares at 6pm on that day. An application would also be made to de-list the firm from the London Stock Exchange and the cancellation of trading of Atkins shares, which is expected to take place at 8am on 4th July.

Atkins鈥� management recommended SNC Lavalin鈥檚 2,080p a share offer for the company, which valued the company at 拢2.1bn, back in April.

The conclusion of the takeover will also see the departure of Atkins鈥� chief executive Uwe Krueger (pictured), who will be replaced by Heath Drewett, Atkins鈥� current finance chief.

Drewett will report to SNC Lavalin鈥檚 board, running Atkins as a separate group within the Canadian firm.

The merger will create a 53,050-strong global firm with revenues close to 拢7bn.

Previously Neil Bruce, SNC-Lavalin鈥檚 president and chief executive, said the acquisition was 鈥渇ully aligned with our growth strategy, creating a global fully integrated professional services and project management company鈥�.

Earlier this month Atkins revealed it had broken the 拢2bn revenue barrier and seen pre-tax profit increase by 13% to 拢148m for the year to April, up from 拢131m last year.

The firm鈥檚 UK and Europe business saw a 22.5% increase in operating profit to 拢90.4m for the year, but revenue fell 3.4% to 拢911.1m, which the firm attributed to primarily the reduction in rail signalling revenue.

Atkins also reported growth in its energy, US and Asia businesses although it reported spending delays by the US government.

The firm鈥檚 business in the Middle East traded in line with expectations the firm said with a 6.5% drop in revenue 拢232.2m and 26% drop in operating profit to 拢21.8m for the year.

Atkins said the prolonged low oil price had caused client decision-making to slow, with increased uncertainty around the award of projects.

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