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Mouchel strikes deal on debt

By Daily Mail Reporter
Updated: 05:17 EDT, 28 January 2011

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Services group Mouchel has refinanced £170m of debts ahead of a self-imposed April deadline, agreeing new facilities with Barclays, Lloyds and RBS.

The new debt deal puts it in a stronger bargaining position with suitors, including engineer Costain, which last week offered £172m in cash and shares in its third approach to Mouchel.

Shares in Mouchel, which have risen 30% in the past month, gained a further 1.75p to 141.25p. Balfour Beatty, Capita and Carillion have also been tipped as potential bidders.

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