Weir Group dumps Bank of America Merrill Lynch over rival's contract
Monday 04 August 2014
Scottish engineer Weir Group has ditched Bank of America Merrill Lynch after it was hired by one of its arch-rivals.
The US broker has been appointed by giant IMI, leading the oil and gas industry engineer to terminate its contract with Merrill Lynch and begin the hunt for advisers to work alongside existing broker UBS.
IMI chief executive Mark Selway, who took the reins in January, led Weir from 2001 to 2009, working alongside Merrill Lynch. It is understood Weir was concerned the rivals could fight to acquire the same businesses, with Merrill Lynch’s advice potentially conflicted.
Weir remains acquisitive after its abortive £3.7 billion bid for Finnish engineer Metso in May. Last month it was linked to a potential £1.7 billion offer for Finnish mineral processing firm Outotec but there has been no formal bid.
Shares in Weir slipped 34p to 2527p today. IMI declined to comment.
Selway said last week that the company aimed to double its profits by 2019 through organic growth and acquisitions and had already lined up a raft of deals in the oil and gas sector.
IMI’s half-year profits fell 9 per cent to £106 million as strong sterling hit its balance sheet.
- 1 Crystal meth addict 'gouged out his eyes and ate them' while high on drug, Australian MP claims
- 2 As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
- 3 The ten most unequal developed countries in the world
- 4 Saudi Arabia 'seeking to head United Nations Human Rights Council'
- 5 Toddler throws a tantrum at the White House – in front of Barack Obama
JK Rowling horrified by Harry Potter actor Matthew Lewis's raunchy photoshoot
Saudi Arabia 'seeking to head United Nations Human Rights Council'
The ten most unequal developed countries in the world
Toddler throws a tantrum at the White House – in front of Barack Obama
Irish people are travelling home from all over the world so they can vote to legalise gay marriage
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
The day that Britain resigned as a global power
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...