The Finnish engineering company Wärtsilä confirmed in its statement on Thursday that it is willing to pay EUR 440 million for the purchase of the UK-based Hamworthy plc.
According to the press release, Wärtsilä is ”in advanced discussions” with Hamworthy regarding a potential GBP 8.25 (EUR 9.6) per share cash offer.
The announcement made by the companies does not amount to an announcement of a firm intention to make an offer and there can be no certainty that an offer will be made.
Wärtsilä is to either announce a firm intention to make an offer for Hamworthy by December 15th or announce that it does not intend to make an offer.
Wärtsilä is the leading manufacturer of ship machinery, providing engines and generators for all types of vessels as well as power plant technology.
The company’s market value was EUR 4.2 billion on Thursday.
Hamworthy provides high technology products, systems, and services to the marine and oil and gas industries.
Its market value was EUR 360 million on Thursday.
Wärtsilä’s announcement means that the company is ready to pay a premium of 22 per cent on Hamworthy’s closing share price of GBP 6.75 on Thursday.