£6.3bn takeover of aeroplane giant Meggitt heading for final approval as UK govt is ‘minded to accept’ Mega take over heading for approval The UK Government said it was “minded” to accept measures to address competition and national security concerns so it can greenlight the £6.3bn takeover of British aeroplane parts maker Meggitt by a US rival. The Department of Business, Energy and Industrial Strategy said late last night that Business Secretary Kwasi Kwarteng was poised to accept [...]
British defence firm Meggitt posts humble growth as it gears up for £6.3bn US takeover defence Revenue for the British defence firm Meggitt was up a humble five per cent this morning as the company gears up for a US takeover. Whilst this was a slight boost from the previous year, revenue was still down 23 per cent compared to pre-pandemic levels. Meggitt stated that though it was pleased with the [...]
Meggitt shares plunge as Transdigm pulls out of takeover pursuit Meggitt shares plunge as Transdigm pulls out of takeover pursuit Meggitt shares closed 12.1 per cent down today after one of the firms battling to takeover the aerospace company pulled out of the race. This afternoon US engineer Transdigm said in a statement that it did not intend to make a firm offer for the FTSE 250 firm. Last month the Ohio-based firm sent Meggitt’s [...]
Meggitt presses ahead and publishes documents for Parker-Hannifin £6.3bn takeover bid August 16, 2021 British defence technology firm Meggitt has published its scheme documents for a recommended £6.3bn takeover by Parker, just five days after it received a proposal for a potentially higher bid from US rival Transdigm. Meggitt said its takeover panel will announce a deadline by which TransDigm must clarify its intentions in relation to its offer, [...]
Transdigm swoops in bid to scupper £6.3bn Meggitt takeover August 11, 2021 US aerospace firm Transdigm has launched a bid to hijack fellow engineer Parker’s £6.3bn takeover of Meggitt, the FTSE 250 firm revealed today. Yesterday Cleveland-based Transdigm made a 900p per share bid for the British firm, topping its rival’s bid by 100p and valuing the company at £7bn. The fresh bid, which comes just days [...]
Aviation woes keep Meggitt pinned down in first quarter April 29, 2021 Aerospace engineer Meggitt said that the ongoing aviation crisis due to the pandemic had continued to hold it back in the first quarter. The FTSE 250 firm said that revenue was down 29 per cent for the period, with its civil aerospace division down 46 per cent so far this year. However, it said that [...]
Meggitt posts revenue fall but hopes vaccine roll-out will boost air travel January 15, 2021 Aerospace engineer Meggitt is “well placed” for recovery after it secured £1.7bn in revenue, in one of the toughest years for air travel. Despite a revenue fall of £500m compared to last year, a spokesperson for Meggitt said that it remained “well placed” for recovery. The vaccine roll-out, coupled with cabin fever, has provided Meggitt [...]
Meggitt shares continue to soar but profit set to halve November 10, 2020 Shares in aerospace engineer Meggitt jumped 12.8 per cent this morning despite warnings that profit would halve for the full year. In a third quarter trading statement, the FTSE 250 firm said that the global aerospace sector was still “weak”, with revenue down to £384m in the period. Across the nine months to date, it [...]
Meggitt shares sink over reports firm mulling equity raise August 6, 2020 Engineering firm Meggitt has said it is reviewing its options after reports that the FTSE 250 firm was considering raising new equity to help bolster its finances. Yesterday Bloomberg reported that the aerospace engineer was mulling a $600m (£455m) sale of new stock and was reviewing its debt with advisers. Shares fell 6.2 per cent [...]
Coronavirus: Meggitt to cut 1,800 jobs due to global aviation shutdown April 23, 2020 British defence contractor Meggitt will cut 1,800 jobs as the firm embarks on a major cost-cutting programme to cope with the shutdown of the global aviation market. The cuts, which represent 15 per cent of the engineer’s workforce, are part of a number of measures to be implemented in order to reduce expenditure by £400-£450m [...]