Costain pulls out of bid for Mouchel

British engineering and construction firm Costain pulled out of the bidding for Mouchel yesterday a week after the business services group rejected its revised offer.

It had turned down Costain's latest offer, citing execution risk, and yesterday said its offer to undertake a week's further due diligence was also rejected. "Having considered its options, the board of Costain has therefore decided to withdraw its revised proposal and confirms that Costain has no intention of making an offer for Mouchel," the company said.