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Balfour set for cash call
Balfour Beatty, the engineering, construction and services group, is set to launch a surprise rights issue of around £350m within days, City PM can confirm.
A team of bankers, including JP Morgan Cazenove and RBS Hoare Govett, have been appointed to work on the fundraising.
Balfour, which last month reported a 14 per cent rise in pre-tax profits to £108m, is expected to use the cash to finance acquisitions.
The company declined to comment.