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Global engineering firm The Weir Group has bettered a takeover offer by rival FLSmidth for Brisbane mining equipment manufacturer Ludowici.
The Weir Group’s new offer levels at $7.92 a share, beating the $7.20 offer FLSmidth made last month.
Weir’s offer gives Ludowici a value of $294 million, slightly higher than FLSmidth’s $212 million.
Previously FLSmidth CEO Jorgen Rasmussen told reporters while the company’s offer was not final he thought it was "most likely" Ludowici shareholders would accept it.
In a statement Ludowici also said it would unanimously vote to recommend FLSmidth’s offer to shareholders.
The support was provided on the basis there would be no superior offer and on independent advice that found the offer to be in the interest of Ludowici shareholders.
FLsmidth now has the option to match or better the offer made by The Weir Group.
The Weir Group is a global engineering company founded in Scotland focusing on the minerals, oil, gas, and power industries.
FLSmidth is a Danish engineering group and is focused on expanding further into the coal, copper, and iron ore minerals processing industries.
Both companies said they were attracted to Ludowici’s operating bases in some of the world’s strongest mining regions and its exposure to the coal sector.