IN BRIEF: Takeover of BBGI Global Infrastructure awaits UK approval

BBGI Global Infrastructure SA - Luxembourg-based infrastructure investor - Timetable for BBGI’s takeover by Canada’s British Columbia Investment Management Corp is suspended, after the transaction receives approval from regulators in Australia but not yet in the UK. Back in February, BBGI agreed to the takeover, valuing the company at £1.06 billion, by a vehicle indirectly controlled by BCI, which will pay 147.5 pence per share in cash. BCI and BBGI say the offer remains open for acceptance, but they won’t make further announcements about offer acceptance levels until the timetable has resumed. At a general meeting held on Thursday last week, BBGI shareholders voted almost unanimously to accept the BCI offer. The required regulatory approval from the UK is for foreign direct investment clearance.

Current stock price: 141.02p, up 0.6% in London on Monday

12-month change: up 9.3%

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