The ongoing battle between FTSE 100 engineer Weir and Danish rival FLSmidth over the takeover of Australian mining equipment supplier Ludowici is raging on with both companies continuing to raise their offer prices to outdo the other.
Back on February 10th, Weir announced that it would pay A$7.92 per Ludowici share, representing a 10% premium to FLSmidth's indicative proposal of A$7.20 a share, announced on January 23rd. FLSmidth then raised its offer to A$10 per share a week later and entered into a scheme implementation agreement, but Weir claims that FLSmidth filed a 'no increase statement' with the original offer.
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