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Aggreko withdraws from Rio Olympics bidding process, reports say

By Oliver Haill

Date: Monday 14 Dec 2015

Aggreko withdraws from Rio Olympics bidding process, reports say

(ShareCast News) - Aggreko has reportedly withdrawn from the bidding process for the 2016 Rio de Janeiro Olympic and Paralympic Games.
The FTSE 250 company said as the tender process to provide temporary power and temperature control was still going on, it was unable to comment further at this stage, after newswire Reuters cited a Rio official who said the withdrawal had already happened.

One-off sporting events are major revenue generators for Aggreko, with the London Olympics contributing nearly £60m to revenues in 2012 and the 2008 Beijing Olympics netting it $41m (£26.9m).

Reuters said other sources claimed rival temporary power suppliers would struggle to complete the contract without hiring generators from Aggreko, whose subsidiaries have provided temporary power to the last nine summer and winter Olympics.

Shares in the company were down 0.65% to 920.5p at 1545 GMT on Monday.

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