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Shanks to dump contract stakes

By Daily Mail Reporter
Updated: 05:22 EDT, 1 October 2010

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Waste disposal group Shanks is selling its stakes and related debt in two privately financed contracts for state bodies.

The group has sold its interest in two contracts with Dumfries and Galloway council and the East London Waste Authority for £25m to John Laing Investments.

Shanks (up 1.4p to 112.7p) said new contracts and higher prices helped mitigate the effect of weak performance in its Belgian Landfill business and adverse currency movements.

Shanks was the subject of a £536m bid from buyout house Carlyle Group last year and the private equity group is rumoured to be considering renewing its interest.

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