One of the world’s largest banks has signalled its intention to acquire a Dundee waste management firm.
An investment arm of global bank Morgan Stanley has informed shareholders it is preparing a bid for Augean, which has a base at the Port of Dundee.
Augean brought the first major decommissioning project to Dundee.
It provided specialised cleaning and waste management services for Shell’s floating production, storage and offloading vessel Curlew.
The vessel was at Dundee for just over a year, leaving last July.
The firm cut more than a third of its North Sea Services workforce last year.
Augean also has four sites in Aberdeen as well as a Peterhead facility. It is headquartered in Wetherby.
Soaring share price
Morgan Stanley Infrastructure confirmed it is “in the preliminary stages of considering making an approach” to acquire all of Augean’s shares.
The announcement to shareholders meant Augean’s shares soared by 15% this morning. Its valuation is now around £300 million.
Augean said there is no certainty an offer will be acceptable.
It said it would give an update to its shareholders in due course.
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