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14/08/2001
Wimpey buys up McAlpine for £461m
House building company George Wimpey have taken over smaller rival Alfred McAlpine Homes in a £461 million deal that will see Wimpey axe up to 450 jobs.
According to Wimpey’s Chief Executive, Peter Johnson six of McAlpine’s regional offices will close and there will be a round of jobs cuts in both companies.
However, the deal is set to improve Wimpey’s house building business in the lucrative market in the south of England where house prices have continued to rise sharply.
Mr Johnson described the acquisition bid as a “financially attractive opportunity” that would increase the company’s portfolio.
Commenting on the disposal, Sir Terence Harrison, the Chairman of Alfred McAlpine, said: "We have reviewed all opportunities in order that the value created from the operational and financial progress achieved in each of our two business streams may be recognised more fully.
"We have concluded that on the right financial terms, the greatest value for McAlpine shareholders could be achieved from the disposal of McAlpine Homes."
(SP)
According to Wimpey’s Chief Executive, Peter Johnson six of McAlpine’s regional offices will close and there will be a round of jobs cuts in both companies.
However, the deal is set to improve Wimpey’s house building business in the lucrative market in the south of England where house prices have continued to rise sharply.
Mr Johnson described the acquisition bid as a “financially attractive opportunity” that would increase the company’s portfolio.
Commenting on the disposal, Sir Terence Harrison, the Chairman of Alfred McAlpine, said: "We have reviewed all opportunities in order that the value created from the operational and financial progress achieved in each of our two business streams may be recognised more fully.
"We have concluded that on the right financial terms, the greatest value for McAlpine shareholders could be achieved from the disposal of McAlpine Homes."
(SP)
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