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Finland/UK: Metso denies rival engineering group’s $5B approach

By  |  April 16, 2014

Engineering firm Metso, based in Finland, has reportedly rejected offers by UK rival Weir to be acquired with an offer valued at $5 billion.

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    Weir was reportedly looking to boost its mining equipment operations with a Metso acquisition, but with the rejection the company will likely look elsewhere; the company told reporters that it would not necessarily increase its bid for the Finnish firm.

    In a statement, Metso said it first rejected the offer on April 1, and said that the proposal was not in the best interest of its shareholders. It added that it has no plans to continue talks with Weir.

    Reports say Metso currently leads the mining equipment industry and rejected the buyout proposal to focus on independent growth.

    Full Content: Reuters

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