Augean in takeover talks

AUGEAN, the hazardous waste company, has revealed it has received a number of preliminary takeover approaches.

In a brief statement Wetherby-based Augean said that discussions were at an early stage and it was confident that current year market expectations will be achieved.

It said the potential offers, including one from Dublin-based 26.89% shareholder One51, were pitched at a “significant premium” to the current share price.

Yesterday shares in Augean soared by around 40% to 94.25p following the takeover speculation.

In a trading update the company also reported a “considerable, sustained, upturn in activity” at its landfill sites and a strong performance in its treatment operations.

Augean has been active in the acquisitions market over the past year – growing rapidly by acquiring other businesses.

In June the company bought Astec Chemical Waste Services for £1m.

It also acquired rival Hitech Equipment for £6m last December to increase its exposure to the hazardous waste treatment, recycling and recovery sectors.

Augean also bought RNA Investments and its trading subsidiary Chemical Recoveries (Chemrec), which has a site in Avonmouth specialising in the recycling and recovery of contaminated industrial solvents, sludges, oils and wastewaters, for a cash consideration of £5.8m.