Another takeover deal landed in London on Thursday, with FTSE 250 engineering group Rotork agreeing to a £4.1 billion cash offer from Swiss rival ABB.
The deal will see ABB pay 506p per share in cash for the FTSE 250 engineering group, representing a significant premium to Rotork’s previous closing price of around 290p.
Rotork shares are expected to react strongly, with the deal adding to a busy run of takeover activity across the London market.
ABB Chief Hails Rotork Deal as Latest UK Takeover Lands
ABB chief executive Morten Wierod said the Swiss engineering group had followed Rotork for many years and admired its “execution excellence, engineering quality and customer trust”.
He said ABB was convinced of the “compelling strategic fit” of the £4.1 billion transaction.
Rotork, which manufactures safety devices used to open and close valves in pipelines, will become the latest UK-listed company to leave the London Stock Exchange after agreeing to a takeover deal.
The transaction adds to growing concerns over the number of London-listed businesses being acquired by overseas rivals or private equity buyers.
