Rugby chief snaps up UK oil firm for £332m

A SCAFFOLDING tycoon who emigrated penniless from Syria to France nearly 50 years ago has snapped up a British oil services giant.

Mohed Altrad, president of Montpellier rugby club, has bought Middlesexbased Cape for £332m. Shares soared by 46pc, or 83.25p, to 264.5p as his privately owned Altrad Investment Authority said it had agreed to buy Cape at 265p per share, a 46.2pc premium on its Thursday closing price of 181.25p.

Cape’s services include maintenance, scaffolding and coatings for oil and gas, steel and chemicals plants around the world. But many of its markets have been hit hard by the slump in the oil price, and its shares have fallen nearly 30pc since 2014.

Recommending the offer yesterday, chairman Tim Eggar said: ‘We believe Cape’s employees, customer and other stakeholders would benefit from the stability and significant opportunities provided by a combination with Altrad.’

Altrad, 69, who writes novels in his spare time, was born into a Bedouin tribe in Syria but moved to Montpellier in 1969 and set up his firm in 1985.

In April he tried to buy a stake in Gloucester rugby club but was knocked back by Premiership Rugby officials amid concerns over a conflict of interest with his control of Top 14 side Montpellier.

Dorset-based defence supplier Ultra Electronics is buying its US joint venture partner Sparton Corp for about £181m.