Costain Limited will build the four mile (6.4km) section of the A465 between Gilwern and Brynmawr.

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Engineering group Costain has confirmed that it has had a takeover proposal rejected by outsourcing company Mouchel.

BBC: Costain says Mouchel rejected bid approach

Costain said it was now uncertain whether it would make a formal bid.

BBC: Costain says Mouchel rejected bid approach

Costain was established in Liverpool in 1865, but is now based in Maidenhead.

BBC: Costain says Mouchel rejected bid approach

Costain said it contacted Mouchel's board on 2 December, only for its approach to be turned down on 6 December.

BBC: Costain says Mouchel rejected bid approach

Costain said it had proposed making an all-share offer for Mouchel at a 87% premium to Mouchel's closing share price on 3 December.

BBC: Costain says Mouchel rejected bid approach

Ms Costain said she had not been surprised by the findings.

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Costain, a British engineering firm, is in talks about another.

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In the past few years, firms such as Aviva, Taylor Wimpey, Trinity Mirror, Pirelli, Fujitsu, Barclays, Morrisons, Vodafone, BMI, Dairy Crest, IBM and Costain have all shut their final-salary pension schemes to their existing members.

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