1st Apr 2014 09:33
LONDON (Alliance News) - Finland's Metso Oyj confirmed Tuesday receiving an unsolicited merger proposal from the UK's Weir Group PLC.
However, Metso said it is currently not, and has not been, engaged in discussions with Weir, as it is still in the process of considering Weir's proposal.
The Times newspaper reported Tuesday that Weir and Metso were in talks for an GBP8.5 billion merger.
The Glasgow-based engineering firm has a market capitalisation of GBP5.41 billion, while Helsinki-listed Metso's market cap is EUR3.56 billion.
Metso operates in mining and construction technology, energy and environmental technology, and paper and fibre technology.
http://www.thetimes.co.uk/tto/business/industries/industrials/article4050660.ece
FTSE 100-constituent Weir's shares were quoted down 2.6% at 2,470.00p Tuesday morning.
Additional reporting by RTT News/dpa-AFX
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