Metso coy on engineering merger talk
Scottish company Weir Group confirmed plans to merge with a Finnish rival in a deal that could create an engineering giant worth more than £8.5bn.
The Glasgow-headquartered group, which has more than 15,000 employees across 70 countries, said its all-share approach for Helsinki-listed Metso had "strong strategic rationale".
But Metso, which saw shares soar on the Nordic stock market after a report revealed the plans, said it was not currently in talks with Weir.
It said: "Metso confirms that it has recently received an unsolicited approach by Weir with a proposal for commencing discussions concerning a potential combination of the two companies."
Weir, which is a supplier of pumps and valves to the oil and gas industry, is valued at £5.3bn on London's FTSE 100 Index.