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Baker Hughes to make $13.6bn ‘counter bid’ for Chart Industries, claims report

Global energy technology company Baker Hughes is preparing a $13.6bn all-cash offer to buy US cryogenic equipment company Chart Industries, according to a Financial Times report. 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. The report claims the deal will be announced “in the coming days”. It also said the Flowserve deal “had been terminated”. Shares in Chart rose 16.5% to $200 in after-hours trading on Monday. A deal would provide Baker Hughes with stronger links in growth sectors such as liquefied natural gas, nuclear energy and data centres – where year-to-date, its contract awards have topped $650m. Its adjusted net income for the second… Read More »Baker Hughes to make $13.6bn ‘counter bid’ for Chart Industries, claims report

Chart and Flowserve to merge in $19bn deal

US industrial equipment businesses Chart Industries and Flowserve are to merge in a major $19bn deal that aims to establish a scaled industrial process technology business with a range of ‘flow and thermal’ solutions. The deal is expected to close in Q4 this year. Under the transaction, billed as a merger of equals, Chart will be the majority shareholder (53.5%), with 46.5% owned by Flowserve. The combined company – whose name will be announced at a later date – will be headquartered in Dallas, with presence maintained in Atlanta and Houston. The merger pools Flowserve’s expertise in cryogenic valves and hydrogen fuelling systems with Chart’s experience in handling gases and liquids in the clean energy and industrial gas markets, including a wide range of end markets such as LNG, nuclear, and chemicals. … to continue… Read More »Chart and Flowserve to merge in $19bn deal