16th Apr 2014 07:00
LONDON (Alliance News) - Metso Corporation, a process performance provider for mining, construction, and oil & gas industries, said Wednesday that its board has rejected Weir's proposal and sees no reason to begin talks regarding a potential combination.
Metso's board carefully evaluated Weir proposal and unanimously concluded that this proposal is not in the best interest of its shareholders. The Metso Board added it remains extremely positive and confident in the company's standalone growth and value creation prospects by pursuing its current strategy.
Earlier, on April 1, Metso announced that it had been approached by The Weir Group (WEIR.L) with a proposal to begin talks regarding a potential combination of the two companies.
Copyright RTT News/dpa-AFX
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