March 19 (Reuters) – French tyre maker Michelin has agreed to buy British engineering company Fenner for 1.2 billion pounds ($1.68 billion) to increase its offering for mining clients and expand its engineered materials business, it said on Monday.
The deal for 610 pence in cash for each Fenner share, represents a more than 30 percent premium to Fenner’s closing price of 466.6 pence on Friday.
Fenner’s directors consider the terms of the deal to be fair and reasonable and intend to unanimously recommend its shareholders vote in favour of the acquisition, Michelin said.
($1 = 0.7123 pounds)
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by David Goodman)