US cryogenic equipment manufacturer Chart Industries has terminated its $19bn all-stock merger of equals with industrial machinery supplier Flowserve, ahead of signing a new deal with global energy company Baker Hughes
The news follows reports that Baker Hughes is preparing a to buy Chart, according to the Financial Times.
Chart’s deal with Baker Hughes came after its board, advised by legal and financial experts, determined that Baker Hughes had made a superior offer compared to Flowserve.
The bid is lower than the $19bn proposed merger of equals between Chart Industries and Flowserve, announced in June, but would value Chart’s equity at $210 a share, a 22% premium to its market capitalisation, the report states.
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