LONDON, April 1 (Reuters) - Scottish engineer Weir Group said on Tuesday it had made an “indicative all share merger proposal” to Finnish rival Metso, in a deal the firm said would bring significant synergies and efficiencies.
The statement came after Metso confirmed a media report that Weir was interested in a merger but said no talks had yet started and it was still considering the proposal.
A newspaper report earlier on Tuesday suggested that Weir was in talks to take over Metso for more than 4 billion euros ($5.5 billion) or 30 euros a share.
Both companies supply equipment and services to the mining and oil and gas sectors, specialising in valves and pumps.
Reporting by Stephen Eisenhammer; editing by Keith Weir