31st Mar 2005 07:00
Balfour Beatty PLC31 March 2005 31 March 2005 BARKING POWER SETTLEMENT AGREED FOLLOWING TXU EUROPE INSOLVENCY =============================================================== Balfour Beatty to recognise £17 million post-tax gain following initial dividend-------------------------------------------------------------------------------- Balfour Beatty, the international engineering, construction and services group,announces today that Barking Power Ltd, in which it has a 25.5% equity interest,has agreed a claim for damages for breach of contract of £179.3 millionfollowing TXU Europe's entry into administration in November 2002. TXU Europe had both an equity interest in and a power purchase agreement withBarking Power Ltd prior to its insolvency. Barking Power Ltd has received a first dividend of £112.3 million and it isexpected that further distributions will take place later this year and in thefirst quarter of 2006. The initial dividend is expected to generate a post-tax gain of £68 million, ofwhich Balfour Beatty's share is £17 million. ENDS Enquiries to:Tim SharpTel: 020 7216 6884www.balfourbeatty.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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