Kentz takeover move hits shares

Shares in the Ireland-founded international engineering services group, Kentz, fell by almost 10% yesterday, after one of the two companies linked to a takeover of the firm withdrew its interest days before the final deadline for binding offers.

It was formally announced yesterday that British oil engineering firm Amec is no longer considering an offer for the Clonmel and Jersey-based business.

Amec has been linked to Kentz since launching an indicative offer of around £700m at the end of last month. A lower indicative approach was also made by German group M&W around the same time, with both having been rejected by the Kentz board, on the basis that they “undervalued the business and its future prospects”.