Fluor Corporation (NYSE: FLR) 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.
About Fluor
Fluor Corporation (NYSE: FLR) provides services on a global basis
in the fields of engineering, procurement, construction, operations,
maintenance and project management. Fluor LTD, a subsidiary of Fluor
Corporation, has been in business in the UK for 50 years and currently
has some 2,000 employees in its UK offices. Headquartered in Irving,
Texas, Fluor is a FORTUNE 500 company with revenues of $13.2 billion
in 2005. For more information, visit www.fluor.com.
(FLRG)
