April 3, 2017 / 12:42 PM / a year ago

BUZZ-WS Atkins: shares soar to record high on SNC-Lavalin offer

** UK engineering firm WS Atkins shares jump nearly 30 pct and shoot to the top of the STOXX 600 after co confirms it received an buyout offer from Canada’s SNC-Lavalin

** SNC-Lavalin’s offer of 2080p/share in cash is a 35 pct premium to WS Atkins’ last closing price on Friday and values the company at more than $2.6 bln

** A boom in European dealmaking activity has supported equity valuations this year with market participants pointing to UK midcaps as particularly appealing to foreign buyers given sterling weakness

** Mining and energy sector focused SNC-Lavalin derives most of its revenue from Canada, Australia and the U.S. with relatively low exposure to Europe and Middle East, areas where WS Atkins has sizeable businesses

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