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Tue, Jun. 9, 12:58 PM
- Canadian construction companies SNC-Lavalin (OTCPK:SNCAF) and Aecon (OTCPK:AEGXF) say they are part of a four-member consortium that will build and operate Toronto's new Eglinton Crosstown light rail transit project.
- Financial terms of the contract are not disclosed, but analysts estimate the project will cost as much as C$5B to build.
- The project, which SNC-Lavalin calls the largest transit investment ever in Canada, will span nearly 12 miles and include 25 stations and stops that will link to existing bus and subway routes and other transit lines; construction is expected to start in Q1 2016.
Wed, Jun. 3, 10:08 AM
- SNC-Lavalin (OTCPK:SNCAF) has been approached informally by at least two large foreign engineering firms weighing a possible takeover of the Canadian engineering and construction firm, Financial Post reports.
- Among the potential buyers said to be interested are Spanish engineering firm Actividades de Construccion y Servicios (OTCPK:ACSAF), whose subsidiaries currently partner with SNC on a number of projects, and Australia’s WorleyParsons (OTCPK:WYGPF), which has said it would like to expand its presence in Canada.
- A major concern among potential bidders is the 10-year ban on federal public works contracts SNC could face if it is convicted of criminal corruption charges, and is a key reason why the overtures so far have remained informal.
Thu, Feb. 19, 12:30 PM
- Canada’s national police force lays criminal charges against SNC-Lavalin (OTCPK:SNCAF -8.8%) for corruption and fraud in connection with an investigation into dealings with Libya.
- The Royal Canadian Mounted Police alleges that during 2001-11, SNC-Lavalin and two related entities offered or agreed to offer C$47.7M in payments to one or several unidentified Libyan officials; during the period, the entities allegedly defrauded the Libyan government and other parties of property, money or services with a value of ~C$129.8M.
- SNC says it will plead not guilty and urges that individuals, and not the company itself, be charged.
Nov. 6, 2014, 11:57 AM
- SNC-Lavalin (OTCPK:SNCAF -11.7%) announces a restructuring plan that includes cutting 4K jobs, ~9% of its workforce, and results in charges totaling C$200M over the next 18 months.
- The job cuts are part of SNC’s plan to streamline the company around more profitable oil and gas services, after purchasing Kentz Corp. for C$2.1B in August to gain revenue from energy hot spots in the Middle East and Africa.
- SNC also is lowering its earnings guidance for 2014, now seeing EPS of C$2.15-C$2.40 from an earlier target of C$2.80-C$3.05.
- The announcements came as SNC reported Q3 earnings of $0.45/, below analyst expectations for $0.81.
Aug. 29, 2014, 8:10 AM
- SNC-Lavalin (OTCPK:SNCAF) reportedly is one of four companies expressing interest in bidding for work on unconventional gas in Saudi Arabia, which is pushing ahead with plans to develop challenging shale deposits.
- The Saudi Aramco project will involve building processing facilities, wellheads and pipelines for the gas in Turaif in the northern part of Saudi Arabia where the big Waad al-Shamal mining project is under development.
- The three other interested bidders are said to be South Korea's GS Engineering and Construction, Italy's Maire Tecnimont and Japan's JGC.
Jul. 25, 2014, 6:36 PM
- Berkshire Hathaway Energy's (BRK.A, BRK.B) application to buy SNC-Lavalin's (OTCPK:SNCAF) AltaLink power transmission unit wins preliminary approval from Canada's government.
- As part of the approval, Berkshire agrees not to cut jobs and that AltaLink - Alberta's largest regulated electricity transmission company - will remain locally managed with headquarters, senior management and operations remaining in the province.
- The C$3.2B purchase still needs approval from Alberta's utilities commission.
Jun. 23, 2014, 8:49 AM
- SNC-Lavalin (SNCAF) agrees to acquire U.K.-listed engineering energy service firm Kentz Corp. (KNTZF) for ~C$2.1B (US$1.95B), bolstering the Canadian company's global engineering and construction operations in the oil and gas sector.
- SNC expects the deal to boost its overall backlog by C$4.9B, ~78% of which is expected to come from lower/higher margin services-based contracts, and looks to raise the percentage of its annual revenue derived from oil and gas services to ~24% from 7%.
May 1, 2014, 7:07 PM
- Berkshire Hathaway (BRK.A, BRK.B) agrees to acquire SNC-Lavalin's (SNCAF) AltaLink, the operator of electric transmission lines in Canada, for $3.24B, as Warren Buffett’s company expands its investment in energy.
- Buffett’s power unit, renamed just this week as Berkshire Hathaway Energy, has been expanding through acquisitions under CEO Greg Abel; SNC is moving away from infrastructure investments to put resources into engineering and construction.
Dec. 4, 2013, 9:59 AM
- SNC-Lavalin (SNCAF) is trying to pick up work again in war-torn Libya, signaling it is ready to move on from corruption allegations that tie the firm to the Gaddafi dictatorship.
- SNC hopes to restart the Benghazi Lakes and Benina Airport projects, the latter a ~$500M deal to build a new international terminal and runaway.
- SNC has a Libyan presence dating back more than 40 years, but one of its former execs allegedly paid $160M in bribes disguised as consulting fees to Gaddafi's son in exchange for steering major contracts to SNC.
Oct. 16, 2013, 11:55 AM
- SNC-Lavalin (SNCAF.PK -5.1%) takes an axe to its 2013 earnings view to C$10M-C$50M from its most recent guidance for C$220M-C$235M, citing higher project costs, additional charges related to a reorganization in Europe and further softness in commodity markets.
- SNC, which has faced corruption allegations and probes into alleged improper payments linked to some international projects, posted an unexpected Q2 loss on writedowns at two North African projects, which sparked concerns about potential further charges.
Dec. 13, 2012, 11:41 AMCanadian engineering firm SNC-Lavalin (SNCAF.PK) says it will suspend as much as $13.2M in retirement payments to former CEO Pierre Duhaime related to his early termination package following his arrest by Quebec’s anti-corruption police squad. It also will overhaul its board of directors and strengthen ethics and compliance measures. | Dec. 13, 2012, 11:41 AM | Comment!
May 23, 2012, 12:19 PMSNC-Lavalin (SNCAF.PK) reportedly receives the go-ahead to work on the Cobre Panama copper mining contract worth ~$355M in fees for a group led by the Canadian engineering and construction company. The overall cost of the project is expected at ~$6.2B, including $3.2B of infrastructure to be overseen by the SNC-led group. | May 23, 2012, 12:19 PM | Comment!
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SNC-Lavalin Group Inc., through subsidiaries, is active in the engineering, construction, and manufacturing sectors. The Company provides engineering, procurement, project management, and project financing services in the power, industrial, transport, infrastructure, buildings,... More
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