Laing O’Rourke not for sale

Date: 02 Mar 2017

Laing O’Rourke chairman and chief executive Ray O’Rourke has scotched persistent rumours that the contractor is up for sale.

O’Rourke did reveal that potential bidders has been sniffing around the business.

But a Laing O’Rourke spokesperson confirmed to the Enquirer that: “Laing O’Rourke Group is not for sale, nor has it ever been.”

It is understood rival firms have been using the ongoing prospective sale of O’Rourke’s Australian business as a potential way in for a group-wide bid.

The spokesperson added: “The process regarding the sale of the Australian business is ongoing.”

The Australian business was put up for sale in January 2016 and has so far failed to find any takers.

China Communications Construction Company is rumoured to have been one of four firms initially to have shown an interest.

In the meantime, O’Rourke racked up huge losses, which led to a flurry of speculation over a potential takeover.

The group is now forecasting a slow return to revenue growth, with revenue returning to 2015’s level of around £3.8bn by the end of 2019 and then reaching £4bn in 2020.


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