Weir Group abandons offer for Metso
GLASGOW’S oil services company Weir Group has scrapped plans to buy Finnish mining equipment maker Metso after its second bid was rebuffed.
It raised its offer to £3.7billion from £3.3billion in March but Metso said it undervalued its business.
Weir said: “We made a compelling proposal but remain financially disciplined and do not intend to pursue this opportunity further.”
Shares in Weir fell 20p to 2584p amid speculation it may now move on fellow FTSE 100 member IMI, up 15p to 1561p.
