10th Apr 2014 08:31
LONDON (Alliance News) - Infrastructure group Balfour Beatty PLC said Thursday that the arbitration process regarding a contract dispute in its Professional Services division has now been settled.
Balfour said the arbitration process found in Parsons Brinckerhoff's favour on a number of matters, but its overall award of USD8 million is significantly lower than management expectations.
The firm acquired Parsons Brinckerhoff, a professional services firm, in 2009 for around GBP380 million as part of Balfour's strategy to offer integrated professional and construction services to the infrastructure market.
Balfour said Thursday that the finalisation of the process settles all outstanding matters on the escrow amount, established at the time of the acquisition, subject to final agreement with the previous owners.
Shares in Balfour Beatty were trading 0.02% higher at 301.74 pence per share Thursday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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