(MENAFN) Balfour Beatty, the British construction company, rejected a third merger proposal from Carillion, Oman Observer reported.
Balfour Beatty explained its decision saying that a turnaround strategy centered on the sale of its US engineering business was a better prospect for investors.
Carillion offer has valued the British firm at USD3.5 billion, aiming to create a British construction giant with a total staff of 80,000 worldwide.
"This is increasingly looking like an opportunity about to be missed by Balfour Beatty as far as we can see," a Whitman Howard analyst said.
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