Fluor Corp. confirmed Thursday it has offered to acquire British Nuclear Group Limited for an undisclosed price.
The Times of London reported on Thursday that Fluor's offer is worth between $475 million to $790 million.
Fluor said its offer recognises that BNG as a whole is worth more than its individual parts - its brand, the synergy between its businesses and the wide-ranging and valuable experience of its employees - which all have added value in global nuclear decommissioning opportunities.
"Were BNG to be split up, its collective value would not be captured for BNG's stakeholders," Fluor said in a statement. "The UK's ability to compete in the world's nuclear markets would be undermined and many BNG employees would have limited career opportunities once their particular site was cleaned up. Fluor's offer provides a vehicle to maintain and grow BNG with a worldwide focus on nuclear decommissioning and power plant markets."
Fluor provides engineering, procurement, construction, operations, maintenance and project management services. Its Fluor LTD unit has been in business in the UK for 50 years and currently has some 2,000 employees in its UK offices.