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FLSmidth and Weir Group PLC offer competing bids for Ludowici

World Cement,

FLSmidth has entered into a scheme implementation agreement with Ludowici Ltd in which the company has offered to buy Ludowici’s shares for AUS$10 each. FLSmidth had previously announced its intention to acquire the Australian company in order to expand its mineral and customer service activities in the region. The original bid stood at AUS$7.20 per share but has been increased following an expression of interest from Weir group PLC. Weir offered Ludowici a conditional proposal of AUS$7.92 and has since submitted its objections over FLSmidth’s ability to increase its share price offer to the Australian Takeovers Panel.  

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