Engineering giant moves to end takeover speculation

Global advanced engineering company Siemens has moved to squash talk of a multi-million pound takeover bid.

The company has issued a statement through the stock exchange to say it has no plans to make an offer for Gloucestershire-based  instruments manufacturer Renishaw.

The move came in response to press speculation over a potential deal.

In a statement issued to the London Stock Exchange the oompany said: “Siemens notes the recent press speculation in relation to Renishaw. Siemens confirms that it does not intend to make an offer for Renishaw.”

Renishaw, which celebrated its 50th birthday last year, was founded by engineers  Sir David McMurty and John Deer.

In 2021 the men, who are both more than 80 years old and own around 36 per cent and 16.5 per cent of the company’s shares respectively, put them up for sale.

But the lack of a suitable purchaser put the plans on hold. After several months, the company issued a statement which said it had “carefully reviewed a number of proposals with its advisers and unanimously concluded that none would meet the board’s objectives of delivering an outcome that satisfactorily met the interests of all stakeholders.”

At the time, Sir David and John Deer, said that they remained committed to Renishaw and had no intention of selling their shares for the foreseeable future.

Renishaw is currently valued at £3.17bn and employs just under 5,000 staff.