Augean ends One51 takeover discussions

BRITISH-based hazardous waste management group Augean has ended takeover talks with One51, an Irish-holding company.

One51 is run by Philip Lynch, who built Irish Agricultural Wholesale Society (IAWS) into a €1.8 billion business before retiring from the business some years ago.

The takeover talks were notified to the market on 26 August 2008 when the Augean board said it had a number of approaches for the group.

In its statement yesterday the group said it had ended talks with One51 and other interested parties.

“The board notes the announcement made earlier by One51, and confirms that discussions with One51 have now been terminated after no offer was forthcoming at a level or structure which the board was prepared to recommend to the company’s shareholders.

“The board also confirms that it is no longer in discussions with any other party regarding a potential offer for the company, and therefore no longer in an offer period.

“The board is pleased the prolonged period of uncertainty has come to an end. Our priority continues to be the creation of long-term shareholder value, and we believe Augean is uniquely well positioned to provide services to the hazardous waste market and to prosper as an independent entity.”

Since its formation a few years back out of the ashes of IAWS Co-op, One51 has expanded rapidly and has key minority investments in car ferries group Irish Continental and in NTR, the Irish renewable energy business quoted on the grey market.

Its own activities include waste management, renewable energy and food.