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ABB bids for $5.5bn British automation firm Rotork

Swiss-Swedish engineering firm ABB is looking to strengthen its automation business by launching a takeover bid for British flow control solutions specialist, Rotork. The Zurich-based group is offering Rotork shareholders 505 pence per share. The deal, which still requires the approval of the British-based company’s shareholders and the relevant authorities, values the company at nearly $5.5 billion. + Swiss robotics moves from research to delivering products ABB’s offer represents a premium of around 60% on the average price of Rotork shares over the last three months, ABB said on Thursday. Shareholders in the British firm, founded in 1957, are also entitled to receive an interim dividend of up to 3 pence per Rotork share for the period up to June 30, 2026 without this resulting in any reduction in the amount offered. ABB intends to finance the transaction using its available cash, amounting to $5.8 billion as at June 30, as well as existing bank facilities. ABB also noted that ... Full story here Are you the author?
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