April 1, 2014 / 9:52 AM / 3 years ago

Weir Group says proposed merger to Metso

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

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