UK's Renishaw drops after Siemens quells buyout speculation
03/04/2024 08:33
** Shares of British engineering firm Renishaw RSW.L down
2.9% to 4220 pence; among top losers on the FTSE mid-cap index
.FTMC
** Germany's Siemens SIEGn.DE confirms it does not intend
to make an offer for RSW, following media speculation over a
potential deal
** RSW currently has a market cap of ~3.2 bln stg and it had
scrapped a sale process in 2021, saying the reviewed proposals
did not meet "the board's objectives of delivering an outcome
that satisfactorily met the interests of all stakeholders"
** As of last close, stock down ~14% since the sale process
was scrapped and up 6.3% in the last 12 months
(Reporting by Eva Mathews in Bengaluru)
((Eva.Mathews@thomsonreuters.com;))