Corporate Action: WorleyParsons in Value-Accretive Purchase of Jacobs ECR. FVE Upgraded to AUD 9.00.
We applaud WorleyParsons’ monetising healthy priced scrip in a proposed AUD 4.6 billion acquisition of Jacobs Engineering Group’s energy, chemicals and resources divisions, or Jacobs ECR. However, we don’t recommend shareholders take up the 1-for-1.47 entitlements in an associated AUD 2.9 billion capital raising, as the AUD 15.62 offer price is well above even our upgraded AUD 9.00 fair value estimate. Further, the entitlements are unfavourably nonrenounceable and trading of shares issued under ...WorleyParsons is a services provider to the resources, energy and industrial sectors. Co. has four business lines of Services, Major Projects, Improve and Advisian and three customer sectors, each of which is focused on customers involved in the following activities: Hydrocarbons, which includes the extraction and processing of oil and gas; Minerals, Metals and Chemicals, which includes the extraction and processing of mineral resources and the manufacture of chemicals; Infrastructure, which includes projects related to water, the environment, transport, ports and site remediation and decommissioning, and all forms of power generation, transmission and distribution.
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