Broadspectrum says NZ OIO 'unlikely' to rule on Ferrovial bid before expiry next month

Broadspectrum says NZ OIO 'unlikely'  to rule on Ferrovial bid before expiry next month
Paul McBeth
By Paul McBeth Feb. 16 (BusinessDesk) - Broadspectrum, the Australian infrastructure services firm formerly known as Transfield Services, says a hostile offer for the company from Spain's Ferrovial is likely to lapse next month because New Zealand's Overseas Investment Office won't have made a ruling in time. Sydney-based Broadspectrum yesterday said it was "highly unlikely" the A$1.35 a share bid would get OIO approval before the March 7 expiry date. It has rejected Ferrovial's approach and this week its board reiterated that the bid "si...