Scottish-based engineer Weir Group (Other OTC: WEIGF.PK - news) has increased its offer for Australian mining equipment manufacturer Ludowici, matching a competing A$357m (£243m) bid.
Weir, a pump and valve specialist, offered A$10 a share in cash for Ludowici, in line with a rival bid form Danish engineer FLSmidth & Co (Berlin: F6O1.BE - news) .
The new bid is conditional on the Australian takeover regulator preventing the Danish company from officially making its A$10 per share offer. FLSmidth previously made a "no increase statement" when it offered A$7.20 a share for the group on January 23.
Australia's Takeovers Panel is currently considering the matter. Should no order against the Danish firm be forthcoming it could terminate any agreement it makes with Ludowici.
Ludowici provides equipment for Australia's rapidly expanding coal and iron ore mining sectors, with Weir trumping FLSmidth's initial offer earlier in February.
"We have now undertaken due diligence which has reinforced the attractiveness of this opportunity for the Weir Group," Keith Cochrane, Weir's chief executive said.
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