|
Air Today . . . Gone Tomorrow Article WTC lawsuit calms
Amec frenzy
By Neil Hume, The Guardian, September
15, 2004
The share price of Amec, the construction company which has recently been the subject of
frenzied takeover talk, came off the boil yesterday after it was named in a multibillion
dollar lawsuit launched by workers involved in the clean-up of the World Trade Centre.
The suit, which was filed in a US federal court on Friday, alleges that Amec and three
other construction companies brought in by the US government to clear 1.5m tonnes of
debris from the site in Manhattan did little to protect workers from airborne dust,
asbestos and other toxins.
It is seeking compensation for injured workers in addition to a system to track the health
of everyone who worked at the site for the next 20 years.
A spokesman for Amec said the firm had yet to receive the claim, but added that the
company was confident it was covered by a specific insurance policy set up by the US
government.
This is believed to cover claims of up to $1bn (£550m) and was put in place before the
clear-up operation got under way to cover future compensation claims from workers.
Analysts said news of the lawsuit would probably put paid to the takeover speculation.
"Who is going to bid with this hanging over the company," one said.
That did not prevent City speculators from buying more Amec stock towards the close of
business yesterday. The gossip in the Square Mile is that US rival Fluor has requested
meetings with two of Amec's biggest shareholders, Toscafund and Fidelity, on Friday to see
if they would be prepared to back a 400p-a-share bid.
Amec closed the day 14p lower at 307p.
http://www.guardian.co.uk/business/story/0,3604,1304583,00.html FAIR
USE NOTICE
This article contains copyrighted material, the use of which has not always been
specifically authorized by the copyright owner. I am making such material
available in my efforts to advance understanding of democracy, economic,
environmental, human rights, political, scientific, and social justice issues,
among others. I believe this constitutes a 'fair use' of any such copyrighted
material as provided for in section 107 of the US Copyright Law. In accordance
with Title 17 U.S.C. Section
107, the material in this article is distributed without profit for research
and educational purposes. Take me back to learn more |
|
|