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11 Mar 2008 12:29
Civil engineering and construction group Stefanutti and Bressan on Tuesday announced a R1,1-billion merger with international construction group Stocks Limited.
The merger would position the new group as a major competitor in the first-tier construction sector with turnover of almost R5-billion, Stefanutti and Bressan said in a statement.
“The merger will enable [Stefanutti and Bressan] to leverage Stocks’s strong management, deep skills-base and established operations to secure growth,” said its chief executive, Willie Meyburgh.
“A strengthened and expanded skills pool is possibly the most important advantage, particularly at management level where an industry-wide skills shortage is set to continue,” he said.
Stefanutti and Bressan will acquire Stocks for R1,121-billion.
Stocks has done business in South Africa for 63 years and has a footprint in both Southern Africa and the Gulf.
Stocks specialises in commercial buildings including airports, office parks, shopping centres and hotels, and affordable housing for major mining and industrial clients.
It elected to merge with Stefanutti and Bressan rather than list independently, said Stocks chief executive Stephen Pell.
“The increased scale and critical mass as a result of the merger will enable the enlarged group to secure major and complex projects that each company could not have undertaken individually,” he said.—Sapa
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