好色先生TV

Mouchel has boosted its chances of fending off a takeover bid from VT Group by bagging two major Highways Agency jobs, 好色先生TV has learned.

According to sources close to the situation, Enterprisemouchel, a joint venture between Mouchel and contractor Enterprise, has won two managing agent contracts (MAC); Area 1, covering Cornwall and Devon, and Area 13 which covers Cumbria, Lancashire and North Yorkshire.

Together the contracts have a value of 拢405m, with both starting this year and finishing mid-2015. A formal announcement is expected later this month.

The wins will be a blow to VT鈥檚 ambitions of taking over Mouchel, which has been waiting for signs of financial weakness at the consultant in order to strengthen its bargaining position.

Mouchel rebuffed an offer of 260p per share before Christmas and last month 好色先生TV reported that VT had put its bid on ice until there was greater clarity surrounding Mouchel鈥檚 debt position.

On 1 February Mouchel said its lenders had been forced to change the terms of its 拢190m credit facility to avoid a breach of its banking covenants.

The wins may not be enough to derail the bid however. Earlier this week, sources close to VT Group said it was 鈥渁bsolutely intent鈥� on buying Mouchel. According to the Takeover Panel, VT has until 8 March to either make a renewed offer or walk away.

Mouchel is due to update the City on Thursday and the contract wins will provide a much needed cash boost to the firm, which is nearing the limit of its credit facility due to poor trading in Dubai and the rail sector.

Both jobs were hotly contested, with Amey, Atkins and Carillion losing out on Area 1, while Amey, Balfour Beatty and Carillion also had bids in for Area 13.

Meanwhile, the Highways Agency has also awarded the拢150m Area 14 contract, covering Durham, Northumberland, North Yorkshire and Tyne and Wear to the Aone+ consortium made up of Costain, Colas and Halcrow.

Atkins, Scott Wilson and Balfour Beatty lost out on the work, which starts in summer 2010 and runs until mid 2015.