Construction firm in talks with Quinn group
A multinational construction firm has held talks with the Quinn Group amid continuing speculation about a possible takeover of parts of the beleaguered business empire, it was revealed today.
A delegation from the UK-based Laing O‘Rourke flew out of St Angelo Airport in Co Fermanagh in a private jet this morning after two days of negotiations at Quinn headquarters in nearby Co Cavan.
Tycoon Sean Quinn is facing multibillion-euro debts after Quinn Insurance, the most lucrative arm of his portfolio, was placed in administration, putting more than 1,000 jobs at risk.
That business is already Laing O‘Rourke‘s primary insurer, having taken over the contract last year.
It is understood this week‘s meetings focused on other divisions of the group as any discussions on Quinn Insurance would have had to involve the administrators, who were not present.
Asked what the exchanges centred on, both companies declined to be drawn, each insisting they do not comment on speculation.
Laing O‘Rourke, a global construction and engineering firm with a turnover of £5bn (€5.77bn) per annum, would have a particular synergy with the cement and block building arms of the Quinn empire.
In the past month takeover speculation has focused on Anglo Irish Bank‘s bid to heavily invest in Quinn Insurance in an effort to recoup some of the €3.2bn Quinn owes the nationalised lender.
Another option open to Mr Quinn could see him seek investors in other divisions of his empire to reduce the pressure from debts.
The chairman and primary shareholder of Laing O‘Rourke is Co Mayo-born Ray O‘Rourke.
Having bought troubled Laing Construction for £1 in 2001, his business now has operations in Australia, the Middle East, Asia and Europe.
The future of the Quinn Group has been thrown into uncertainty since the cash cow insurance division hit the rocks last month.
Although Financial Regulator Matthew Elderfield partially lifted his ban on the company writing new UK business last week to enable it to insure provisional drivers, the ongoing limitation on its workload threatens an estimated 1,000 employees.
A convoy of Quinn Group customers and suppliers today scaled back a potentially crippling lorry protest in Dublin.
The organisers, who had planned to bring gridlock to the city centre with about 250 HGVs, trucks and articulated lorries, changed their plans as they approached the capital at rush hour.
Up to 50 drivers – the vast majority not insured by Quinn – demonstrated along the Liffey quays with the rest of the convoy driving a loop around the M50.
It is understood the rolling protest was scaled back amid concerns over damage to a wider campaign against the Financial Regulator’s decision to put Quinn Insurance in administration.
One of the organisers Paddy Clarke said: “We want to make our point but we are also conscious of keeping the disruption to the ordinary public at a minimum.”
Employees at the Quinn Group, who themselves organised a series of public demonstrations over the restrictions to business, distanced themselves from the lorry protest.
