Fluor Confirms Submitting Offer to Acquire British Nuclear Group

Fluor Corporation confirms that earlier this week the Corporation submitted an offer to British Nuclear Fuels plc (BNFL) to acquire British Nuclear Group Limited (BNG) in its entirety.

Fluor's offer recognises that BNG as a whole is worth far more than its individual parts - its brand, the synergy between its businesses and the wide-ranging and valuable experience of its employees - which all have added value in global nuclear decommissioning opportunities.

Were BNG to be split up, its collective value would not be captured for BNG's stakeholders. The UK's ability to compete in the world's nuclear markets would be undermined and many BNG employees would have limited career opportunities once their particular site was cleaned up. Fluor's offer provides a vehicle to maintain and grow BNG with a worldwide focus on nuclear decommissioning and power plant markets.

Fluor looks forward to further discussion with BNFL, the UK Government and BNG's stakeholders on this proposal.

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Posted 31/08/06

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