SHAREHOLDERS and the European Commission gave their blessing yesterday to the takeover of BTR by fellow
engineering group Siebe.
The European Union's antitrust watchdog said the deal would lead to little overlap and gave rise to no competition concerns. Shareholders in both Siebe and BTR voted overwhelmingly in favour of the deal at separate meetings held yesterday, despite some concerns that Siebe was getting BTR on the cheap.
The all-share deal will give BTR shareholders a 45% stake in the new business, which is to be re-christened BTR Siebe.
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