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FLSmidth plans to acquire Ludowici

FLSmidth has outlined its intention to purchase Ludowici.

23 January 2012

Merger and acquisition consultants may be utilised by Danish engineering company FLSmidth, as it has announced it intends to acquire Australian firm Ludowici, a global leading provider of vibrating screens, coal centrifuges and wear-resistant products for mining firms.

In a statement issued to the Danish Financial Services Authority on January 22nd, the enterprise revealed it intended to purchase all of Ludowici's shares for A$7.20 (£4.85) each, or an overall cost of A$267 million.

Lucowici's board of directors has unanimously agreed to recommend the proposal in the absence of any superior offerings, as long as an independent expert examines the deal and asserts the initiative is in shareholders' best interests.

This acquisition will help FLSmidth to boost its holdings in the copper and iron ore sectors and complete the flow sheet for its coal processing operations.

"We believe the offer is so attractive that the shareholders will accept the offer," FLSmidth chief executive Jorgen Huno Rasmussen told Reuters, informing the publication its bid will not be raised.

Posted by Ron Maverick

Source: FLSmidth press release, January 23rd

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