Engineering, procurement and construction consultancy firm, Worleyparsons Limited (ASX: WOR) shares are down almost 11% at the time of writing to $15.90 after a return to trade following a trading halt issued on October 22.
Worleyparsons announced the acquisition of Jacobs Engineering Group Inc for $4.6 billion on October 22 as the company went into a trading halt on the launch of an entitlement offer to raise $2.9 billion in capital to fund the takeover.
The company has successfully completed the institutional entitlement offer, raising $1.8 billion at $15.56 per share with the fully-underwritten retail component of the entitlement offer expected to raise the remaining $1.1 billion.
But investors are sour on the arrangement if today's share price dive is anything to go by, despite the Jacobs acquisition looking fairly compelling – allowing Worleyparsons to increase its foothold in the engineering sector with a promise of "earnings stability".
Other engineering players on watch include Emeco Holdings Limited (ASX: EHL) and NRW Holdings Limited (ASX: NWH) with Emeco shares down 4.4% today to 32c per share after a period of inclines and NWR shares also slightly in the red.
