Canada's WSP Global to acquire UK's Ricardo for $490 million
June 11 (Reuters) - Canada-based WSP Global (WSP.TO), opens new tab said on Wednesday that it would acquire British environmental and engineering consulting firm Ricardo (RCDO.L), opens new tab for about 363.1 million pounds ($489.6 million) including debt.
Under the deal, Ricardo shareholders will receive 430 pence in cash per share, a 28.4% premium to its closing price on June 10.
The British company had been under pressure from rival and investor Science Group (SAGS.L), opens new tab, who had been pushing for a sale or breakup of Ricardo amid calls to oust Chairman Mark Clare and other directors, citing underperformance and structural inefficiencies.
Science Group, Ricardo's second-largest investor with a 21.76% stake according to LSEG data, said on Wednesday it would sell a 20% stake to WSP for about 53.5 million pounds.
($1 = 0.7417 pounds)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
12 minutes ago
- BBC News
Cardiff University defends job cuts process amid crisis claims
Cardiff University bosses have defended the way a process to cut hundreds of jobs and axe some departments has been evidence to a Senedd Committee, Vice Chancellor Prof Wendy Larner said it had been "difficult" but they had taken "the right approach".Prof Larner was asked whether announcing plans to close some departments, including nursing and then "backtracking" had been wise in view of the impact on staff morale and the institution's comes after a union claimed the process had led to a "severe and urgent mental health crisis" among staff. Proposals initially included cutting 400 jobs and closing some subject areas including music, modern languages and nursing, which will now be during the consultation period and more than 150 staff leaving voluntarily also led to a reduction in the number of posts to be cut - currently down to 69 by 2029-30 Prof Larner told MSs. She said she was "delighted by the quality of the alternative proposals" which enabled them to change the initial plans "quite significantly".But she confirmed the business case going to the university council for sign off on 17 June would still mean stopping ancient history and religion and asked whether she had any regrets about the process, she said she regretted that some members of staff had learnt their jobs were at risk through media coverage after a "leak" of also expressed regret that the university had received an "undue share of attention" for the cuts despite many other universities facing similar challenges."Our intention all the way through has been to ensure that Cardiff University is successful for the future," she said. Prof Larner and chairman of the University Council Patrick Younge's appearance in front of MSs follows the University and College Union's (UCU) claim there was a "total health and safety crisis" at the said there had been a "comprehensive breakdown of trust and morale" between university bosses and staff."I think we've worked really hard to do what we can to ensure that staff have been adequately supported", said Prof Younge said the university had been "blindsided" by the UCU referring it to the Health and Safety Executive when it was due to agree a strategy to address the union's to the union's move, he said he was "deeply disappointed in some of the behaviours." Mr Younge outlined the financial challenges facing the university and said its reserves had to be spent on securing the university's future - including improving halls of residence which, he said, required a spend of £300m to £ about the university's new campus in Kazakhstan's capital, Astana, Prof Larner said the university had spent money on "due diligence" but the campus, which opens in September, was paid for by partners in said so far there had been 186 application for the two foundation courses initially offered on the site which was part of a "slow rollout".In response, Cardiff UCU said it remained "deeply concerned" about the proposed added the changes risked affecting the university's "ability to contribute" to teaching, research and training in Wales.
The Sun
13 minutes ago
- The Sun
Grandfather left £45k out of pocket after purchasing a caravan from Haven Holidays – ‘the worst decision I've ever made'
A GRANDFATHER has been left £45,000 out of pocket after purchasing a caravan from Haven Holidays. Despite the vehicle being worth less than £15,000, spiralling costs have left him saying "it's the worst decision I've ever made". 3 3 Christopher Jeff, 60, bought the caravan in 2023 in Doniford Bay holiday park, Somerset in 2023. He and his wife Ida, 56, had first visited 13 years ago before deciding to put some of his pension money towards the vehicle when they visited with their grandson Theo two years ago. He told BPM Media: "We knew we couldn't afford a brand new caravan but we found what we thought was a nice one that was a bit older for £14,859. "I had to cash in a good chunk of my pension to pay for the caravan. "I thought it would be worth it for some family holidays away from the rat race." The old caravan quickly began racking up additional costs, as Christopher spent more than £10,000 refitting the caravan he purchased as a leaseholder from Haven Holidays. This included kitting the vehicle out with a microwave, fridge freezer and bedding - costing around £5,000. On top of these costs, the couple were "encouraged" to buy side decking, a storage box and a bench, all of which came to just under £5,000. Even the ground rent - a fee paid by leaseholders to freeholders - was more than Christopher and Ida expected. This added another £6,000 in annual fees - a cost that has since gone up to £8,161. Haven Holidays say that the purchase and license agreement clearly states the total site fees, the basis for fee increases, and the period the park is open. Christopher says that Haven Holidays advised the couple to rent out the caravan to help cover their growing expenses. However, in order to cover the thousands of pounds in ground rent, the caravan would need to be rented out every single week of the season for £450. This was made even more difficult by the fact that Haven Holidays were reportedly offering cheaper rents on their own caravans. Christopher said: "Haven were undercutting us by renting their own caravans cheaper all season long - sometimes £150 for a week in the off season." As a result, the couple only managed to rent the caravan out for five weeks in 2024. With much of the annual cost unaccounted for, Ida's income from working in sales was used to cover the shortfall. Christopher estimates that the caravan costs £1,500 a day of use in real terms, as 30 days onsite has cost the couple £45,000. He said: "It's just too expensive to own one of these units. We have only holidayed in it for ten long weekends." The couple faced further financial insecurity after a national grid failure damaged a lot of electrical appliances at the park, leading them to be told their boiler would need replacing. However, after three months and three visits from contractors, they were eventually told they didn't need any repairs as they had a water heater, not a boiler. A spokesperson for Haven Holidays say that they worked "as quickly as possible" to fix issues and that this was at no cost to Mr Jeff. The costs have become so unbearable that the couple has tried to sell the caravan - but this too would lose them money. While they paid nearly £15,000 for the vehicle, they are yet to receive an offer for more than £3,000, with Haven Holidays taking a 15% commission of any sales. Mr Jeff said: "Nobody wants to buy a caravan and take on the commitment of paying over £8,000 for nine months of caravan access. "Especially when you can't rent it out and break even because its cheaper for guests to go directly through Haven." In a desperate bid to resolve their financial problems, they reached out to European Consumer Claims who have taken on the case with the hopes of getting the couple their money back. CEO of ECC Greg Wilson said: "When we first started looking into holiday park consumer abuse we were aware that there were issues. However the sheer scale of wrongdoing was shocking even to us." The company is working with leading consumer lawyers to seek financial compensation for people who have been swindled by unexpected fees. Haven owns a number of holiday parks around the UK, primarily found along the coastline, including in Yorkshire, the Lake District, Scotland and Cornwall. A Haven Holidays spokesperson said: "Haven is committed to ensuring full transparency at every stage of the buying and selling process and clearly communicates with owners the different options available to them - including the total site fees for that year, the basis for subsequent increases and period the park is open during the year – as well as any associated terms and conditions. "The decking was installed at Mr. Jeffs' request; however, the other items mentioned (including the storage box, microwave, fridge freezer, bedding, and bench) were not purchased from Haven, and we are therefore unable to comment on them.'
The Sun
13 minutes ago
- The Sun
M&S shoppers race to buy £35 ‘slimming' butter yellow summer dress that ‘hides lumps and bumps' and ‘doesn't crease'
MARKS & SPENCER is finally back in action, and fashion fans have been rushing to pick up the retailer's new £35 summer dress. The textured midi dress (which comes in the colour of the season) has been praised by shoppers for its flattering fit that "hides lumps and bumps". M&S Textured V-Neck Midi Column Dress, £35 Featuring a fitted silhouette with breathable textured material and airy short sleeves, the butter yellow number is perfect for summer. The M&S V-Neck Column Dress is finished with a knot design at the front, giving a stylish twist on a staple piece. It comes in butter yellow and black colourways, with regular, petite and tall sizes available — although several sizes have already sold out. The wearable style could be dressed up or down for most occasions, and it would look great teamed with sandals and sunglasses for a comfortable holiday outfit. As the textured design gives a dressy feel, it would also pair well with heels and chunky gold jewellery for a summer evening look. The high-street dress has received rave reviews from Marks & Spencer shoppers, with a 4.6-out-of-5 star rating. One customer wrote: "Excellent dress that skims the body to create a slimming effect. The textured material is good quality and it washes well, no ironing required as it always looks as good as new. It's true to size as well, more colours and styles please." Another added: "I purchased the yellow colour in store, and liked it that much that I ordered the black when it came back in stock as it's so flattering. M&S Textured V-Neck Midi Column Dress, £35 It's so curve enhancing and it's not too short, plus no lumps and bumps are shown. The material is thin but soft, and it isn't see through. It's so great for summer." Marks & Spencer gave an update earlier on its cyber attack this week, confirming that the retailer is accepting orders again for the first time since the attack in April. Shoppers are now able to order online again, but the retailer has warned that deliveries may take up to 10 days. If you don't know where to begin with your online order, Fashion Editor Abby McHale has handpicked the M&S pieces worth adding to your basket before they sell out. M&S' £35 midi dress isn't the only butter yellow piece causing a stir, as Sainsbury's shoppers have been racing to pick up a similar version from the supermarket. The £28 summer dress has been praised for hiding mum tum, with its relaxed cut and flattering puffed sleeves. It also has a stylish gingham print that's perfect for summer.
