VT confirms takeover approach to rival Mouchel

VT said it had noted speculation over the weekend and an announcement made by Mouchel this morning that the two unsolicited approaches to acquire the company were "wholly inadequate and at a level which substantially undervalues the company". VT said it had made two approaches to Mouchel over a four week period "with a view to initiating a constructive dialogue" but so far Mouchel had refused to enter into any form of discussions. Mouchel said its directors had discussed the approaches with its advisors and had unanimously rejected them but it understood that VT remained interested in pursuing a transaction. VT said it was continuing to review its options. VT ceased its traditional shipbuilding activities earlier this year in favour of a future as a provider of engineering services engaged in a multitude of activities from pilot training and vehicle fleet maintenance to public building projects. Mouchel is a consulting and business services group that works with government agencies, local authorities, government-regulated industries and the private-sector on roads railways, education and civic infrastructure, clean water, and waste management.