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KBR (NYSE:KBR) +1.8% in Monday's trading after refuting a Sunday Times article that said the company made a potential $5B takeover approach for Jacobs Solutions' (NYSE:J) Critical Mission Systems nuclear infrastructure unit.
KBR (KBR) said it has been "clear about its capital deployment and strategic priorities, and the Jacobs CMS business "does not align with either and thus is not being pursued."
Jacobs (J) declared its intent to spin off CMS from its infrastructure engineering business in May, and The Sunday Times said KBR (KBR) approached Jacobs soon afterward to signal its interest in buying the division.
After Jacobs (J) announced the spinoff plans, U.K. government officials reportedly expressed concerns about the lack of certainty for Critical Mission Systems' many strategically significant U.K. contracts.
The Jacobs (J) CMS unit generated profits of ~£330M last year.