After months of speculation, the construction giant Arabtec has confirmed there have been no discussions about a bid for the electrical mechanical and plumbing contractor Drake & Scull International.
In a statement to the Dubai bourse yesterday, Arabtec dismissed rumours of a deal in the pipeline between the two companies as “baseless”.
“Arabtec Holding confirms that there have been no discussions between the management of both companies about a potential deal and there are no current plans to acquire Drake & Scull either in full or in part,” the company said.
Speculation of a merger between the two intensified after Arabtec completed a Dh2.4 billion rights issue this summer aimed at growing the company.
The two contractors have been working increasingly closely together this year on schemes including the Louvre Abu Dhabi on Saadiyat Island.
Arabtec shares fell slightly yesterday while Drake & Scull shares remained unchanged.
lbarnard@thenational.ae
