Babcock says no takeover approach has been received

Babcock International this morning said that it had not received a takeover bid from BAE Systems and VT Group.

The firm said: "Babcock International Group plc notes today's announcements by VT Group plc and BAE Systems plc that these two companies have been exploring the possibility of a bid for Babcock and confirms that no approach has been received."

Babcock has over the past five years refocused from an engineering conglomerate into a focused support services and asset management business, managing fixed infrastructure and mobile assets.

Babcock's share price was 250p prior to today's announcements.

The group currently has an order book in excess of £2bn, and in December 2005 was selected as a member of the Aircraft Carrier Alliance to construct the bow block and carry out the associated detailed design. In addition Babcock will support the alliance in procurement and other elements of the programme.

In Babcock's half year statement of 15 November 2005, the company stated that the first half of the year had fully met its expectations, with underlying operating profit increasing by 21% to £25.2m.