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.
Newcastle winger is in Argentina having chemotherapy
Returning to the stage after 20 years makes actress feel 'nauseous'
Man's attempt to avoid being impounded heavily criticised
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 Grandmas keep accidentally tagging themselves as Grandmaster Flash on Facebook
Islamic State: Pope is 'being targeted by Isis', Iraqi ambassador to the Holy See warns
Jennifer Lawrence and Kate Upton nude pictures exhibition cancelled after artist concedes photos were 'stolen property'
Scottish independence referendum: A nation divided against itself
John Travolta addresses former pilot's gay romance allegations publicly for the first time: 'That was the lowest I'd ever felt'
Richard III: Two years after his body was found scientists discover how he died
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Portuguese academic says British are 'filthy, violent and drunk'
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
iJobs Money & Business
£20000 - £25000 per annum + OTE £35,000 first year: SThree: The SThree group i...
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...