Original article by James Thomson
The Australian Financial Review – Page: 15/20 : 11-Oct-16

Shares in listed engineering contractor UGL closed 48.6 per cent higher at $A3.18 on 10 October 2016, in response to a takeover bid from CIMIC Group. The cash offer of $A3.15 per share values the bid at $A524m, but Allan Gray Australia MD Simon Mawhinney argues that it will be difficult to assess the bid until UGL updates investors on its Ichthys LNG contracts. UGL’s 2015-16 financial accounts included a provision of $US200m associated with its Ichthys construction contracts.

CORPORATES
UGL LIMITED – ASX UGL, CIMIC GROUP LIMITED – ASX CIM, ALLAN GRAY AUSTRALIA PTY LTD, CITIGROUP PTY LTD, HOCHTIEF AG, GRUPO ACS, MACQUARIE GROUP LIMITED – ASX MQG, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT, UBIQUE ASSET MANAGEMENT PTY LTD, DEVINE LIMITED – ASX DVN, SEDGMAN LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION