Monadelphous pours cold water over acquisition talks

Monadelphous Group has hosed down speculation that it is eyeing a $300 million acquisition of a civil engineering company, but the rumours have fuelled investor interest.

Monadelphous was responding to media reports this morning suggesting it was working on an acquisition of an undisclosed company worth about $300 million.

But Perth-based Monadelphous responded through the ASX today, denying the reports.

“The company is not currently pursuing any acquisition to the value speculated in the media or that are otherwise sufficiently advanced to warrant disclosure at this time,” engineering group said.

“Monadelphous continues to pursue opportunities to further diversify its revenues.

“This may include investment in new businesses or acquisitions where considered appropriate.”

Monadelphous shares were up 2.8 per cent, or 39 cents, to $14.34 each ahead of the close of trade.