Cimic Draws Up A$153 Million Deal for Services Contractor Sedgman

   By Rhiannon Hoyle

SYDNEY--Australia's Cimic Group Ltd. (CIM.AU) said it is looking to acquire resources services contractor Sedgman Ltd. (SDM.AU) in a deal worth 153 million Australian dollars (US$107 million).

Cimic, which already holds roughly 37% of Sedgman's stock, on Wednesday said it intends to offer A$1.07 for each share it doesn't already own.

The company, Australia's biggest construction group, said it wants to "better support the future direction of Sedgman," in which it has had a stake for the past 15 years. The offer comes at a time when the country's services companies have been grappling with a sharp downturn in spending by resources producers.

The offer is final, Cimic said. Shares in Sedgman surged 36% to A$1.0725.

In a regulatory filing, Sedgman advised shareholders to wait until directors had time to consider the proposal before acting on the offer.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

January 12, 2016 19:50 ET (00:50 GMT)

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