Engineering group Weir may have lost its battle with Danish rival FLSmidth for the takeover of Australian mining firm Ludowici.
The two companies have been involved in a bidding war for the last two months, with both upping its offer prices for Ludowici to outdo the other.
However, despite Weir's plee to the Australian Takeovers Panel in February that claimed that FLSmidth made a 'no increase' statement with its original offer, the Panel has now allowed the offer to proceed.
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"Today, the Australian Takeovers Panel declined to conduct further proceedings with regard to FLSmidth's offer for Ludowici," Weir announced this morning.
FLSmidth's latest offer of A$11 per Ludowici share, up from the initial A$7.92-a-share offer made on January 23rd, has now been given the all-clear, trumping Weir's A$10-a-share offer.
Brisbane-based Ludowici provides vibrating screens, centrifuges and complementary wear resistant products and services to the mining industry with a focus on coal applications.
When Weir announced its intention to buy the Australian firm, it said that the potential acquisition would "extend Weir's offering in minerals processing and expand our exposure to the attractive and fast growing coal sector where Weir is relatively unrepresented".
Weir's shares were down 0.71% at 1,960p by 09:43 on Friday.
BC
