Metso in talks to form a mega-merger with a Scottish rival

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Weir Group, a Scottish engineering company, might take over Finnish rival Metso in a transaction worth approximately EUR 4 billion, Reuters reports. Metso confirmed in a statement on Tuesday that it had received an “unsolicited” bid from Weir about a merger of the two companies. Weir Group also confirmed the proposal and media rumors say that the Scottish company may pay up to EUR 30 per share for Metso. Moreover, the company aims to move forward with the talks within a month.

“The board of Weir believes that there is a strong strategic rationale for bringing the two companies together, which would offer the opportunity for significant efficiencies and synergies, creating significant value for all shareholders,” the company said in a statement, quoted by the Times London.

Besides activities in mining, oil&gas and construction activities, Metso is a world leading pulp and paper automation and services supplier.

The Weir Group plc is an engineering company headquartered in Glasgow, Scotland. The company operates in over 70 countries employing approximately 14,000 people focused on mining, oil and gas and power markets.

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