Economy
Arcadis Resists Takeover Attempt as Canadian Firm WSP Withdraws
Canadian engineering firm WSP has abandoned its takeover bid for Dutch company Arcadis after the latter’s board refused to negotiate. WSP had submitted two bids, increasing from €48.50 to €51.50 per share, but Arcadis cited cultural differences and low valuation. Arcadis’ unique structure, involving employee ownership and foundations with veto power over sales, likely deterred WSP. Errol Keyner of the Association of Security Holders criticized Arcadis’ refusal to engage, arguing it is unbecoming of a listed company. Despite this, Arcadis CEO Heather Polinsky agrees the company needs commercial improvement, having recently cut over 1,500 jobs to address poor financial performance.
Ozetta summarises; the reporting is the newsroom's