Feb 28 (Reuters) - Worleyparsons Ltd WOR.AX
* Response to press reports today-wor.ax
* Refers to acquisition of shares in Worleyparsons by Dar Al-Handasah Consultants Shair And Partners Limited
* "Increased its cost reduction targets to a total of $450 million"
* Board therefore determined that proposal was not in best interests of shareholders and advised Dar Group accordingly
* Full impact of cost reductions and improving market conditions are not reflected in current earnings
* Confirms it received a confidential proposal on 14 November 2016 from Dar Group to acquire all of shares in company for cash consideration of a$11.80 per share Source text for Eikon: ID:nASX4jHZVF Further company coverage: WOR.AX