Altrad Investment to buy Cape

PARIS: French construction equipment maker Altrad Investment Authority said on Friday it agreed to buy UK oil services company Cape Plc for about 332.2 million pounds ($430.3 million) in cash. The offer for 265 pence per Cape share represents a premium of 46.2 percent to the stock´s closing price of 181.25 pence on Thursday. Altrad, which provides scaffolding and light construction services, said it would fund the deal via a loan from BNP Paribas SA and that Cape´s directors considered the offer “fair and reasonable”.