The Mouchel-Costain saga took several twists this morning.
Mouchel put out a statement early on saying it was in talks with a potential acquirer. Everyone assumed this was Costain, with reports suggesting it was in talks already. But Costain has just put out a statement saying it is not them.
Who could the new buyer be? Balfour Beatty, Carillion and Capita have all been mentioned, although Carillion is unlikely to be the buyer given its tie-up with Eaga. One of the American engineers - CH2M Hill, which lost out in bidding for Scott Wilson last year - could be in the frame.
Mouchel said this morning of its possible buyer:
Mouchel believes that the strategic logic of a combination of Mouchel and the Preferred Possible Offeror would provide the best option to deliver value to shareholders.
Mouchel are up 10% at 11:20, 13p up to 149p.
