Belfast Telegraph

Rival bidders pursue engineering concern

A UK engineering firm at the centre of a £1.4bn takeover battle has confirmed it was in talks over a rival bid from US manufacturer Colfax.

Charter, whose businesses are focused on welding, cutting and automation and on air and gas handling, has been the subject of takeover interest for more than two months following an approach from buy-out firm Melrose. A deal looked to be on the cards last week after Melrose upped its offer for a third time to 850p a share, equivalent to £1.4bn.