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...But in a trading update later in the day, Melrose said it was writing down the value of Brush, a small company it took on in 2008 when it bought engineering group FKI, most of which it has since sold....
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...Although the bulk of the deficits are attached to the Elster pension plan, the FKI and McKechnie schemes carry deficits of £29m....
...The company continued to see improvement at its other business, including those acquired in its £500m takeover of Loughborough-based FKI in 2008 – one of the last industrial takeovers to conclude in the...
...Among the gainers, Melrose was 0.7 per cent higher at 105¾p after the engineer sold the US arm of its Logistex conveyor belt business....
...The company also tried but failed to sell its Logistex and Hardware businesses which have been adversely affected by the downturn in the US retailing and building sectors....
...Melrose, the engineering group, rose 0.2 per cent to 160¼p on word it was in talks with a preferred bidder for its FKI Logistex materials handling division....
...In European corporate credit, Markit noted improvement in the CDS of FKI, Ladbrokes, and Fiat, as well as TUI and Anglo American....
...It came shortly after Melrose, which was launched as a cash shell in the UK in 2003, revealed its 70p-a-share approach to FKI, the engineer....
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...British niche engineering companies have been courted aggressively, with Manitowoc acquiring Enodis, FKI selling out to Melrose and Expro receiving bids from private equity and trade buyers....
...A strategic review outlined plans to cut debt by selling its Logistex business, which makes baggage carousels and conveyor equipment, and its hardware division, which has suffered recently because of problems...
...FKI was unchanged at 71½p in spite of rumours that counter-bidders were circulating the engineering group, which has received an 82p-a-share (£482m) offer from Melrose....
...FKI, up 8.9 per cent to 70½p, closed above that level on Monday on rumours that Blackstone was planning a fresh bid....
...FKI said that after two strategic reviews and a number of approaches it would sell its hardware business and then demerge and list Logistex, its logistics operation....
...FKI, the materials hand-ling group, gained 5.6 per cent to 60¾p on bargain hunting....
...The sale of its Logistex arm, which makes the baggage handling systems used in airports, and US-based hardware division, would allow FKI to focus on the more profitable energy technology and lifting operations...
...The FKI engineering group, which has received a 70p a share offer from Melrose, faded 0.4 per cent to 65¾p....
...FKI on Wednesday reports the conclusions of its strategic review, expected to involve the sale of its Logistex operation, which makes the baggage handling systems used in airports, and US-based hardware...
...FKI was among the biggest fallers in London on Monday as investors baled out ahead of a trading update....
...The FTSE 250, which lost a massive 7.1 per cent last week, rallied 87.2 points, or 0.8 per cent, to 11,071.7 thanks to a strong performance from FKI and Soco International....
...Also, FKI, the engineer, says the credit squeeze means it’s having a hard time selling under-performing businesses....
...Investec kept its “hold” rating and said: “We would avoid FKI at this stage as we believe mixed current trading and potential corporate activity could both disappoint the market.”...
...FKI, the engineering company that ended takeover discussions with a private equity group a month ago, remained under pressure....
...FKI added 1.4 per cent to 126¾p amid talk that an increased offer for the engineering company could soon be made....
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