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Shares in engineering consultancy Waterman Group nearly doubled in early trading today after it revealed it had agreed a takeover bid by Japan-based CTI Engineering.

CTI, whose recommended 140p-a-share offer currently values Waterman at 拢43m, said it was a 鈥渃lear sign鈥� of the Japanese firm鈥檚 belief in the UK as a place to do business. The move is its first acquisition outside of its home market.

The listed UK firm鈥檚 shares, which closed yesterday at 77p, rocketed to 139p on the news of the bid.

CTI will finance the deal from its existing cash resources.

Michael Baker, Waterman鈥檚 chairman, said management believed the business had a 鈥渟trong independent future鈥�, but said CTI鈥檚 bid was nonetheless attractive and reflected the 鈥渉igh quality of the business, its people, market position and future prospects鈥�.

鈥淲e believe that the CTI proposal provides considerable opportunities for our people and enhances our capabilities and expertise in several key markets, including highways and flood defence. 

鈥淚n particular, the proposal for Waterman to continue to operate as an independent business within the CTI Group is compelling for both our clients and our people.鈥�

Kazuo Murata, president and representative director of CTI, said Waterman would expand his firm鈥檚 technical capacity to serve international clients. 鈥淲aterman鈥檚 knowledge and experience of working with both private and public sector clients in English speaking markets should provide an excellent strategic fit with our group of companies as we seek to take advantage of the opportunities that exist beyond our domestic market.

鈥淥ur investment in Waterman is a clear sign of our belief in the UK as a place to do business and its strategic importance in serving international markets. We are also excited about the possibility to build upon Waterman鈥檚 foothold in the Australian market and, through its office in Ireland, within Europe,鈥� he added.

The deal is likely to complete by early July.