Schenck completes CPS acquisition
GERMAN industrial processes group Schenck has completed the acquisition of Clyde Process Solutions, it was announced this morning.
Trading in CPS shares on the AIM exchange was cancelled this morning in the wake of the deal that valued the firm at around £35m.
The CPS board had unanimously recommended the takeover insisting that the offer represented an “attractive valuation” of the company and would give it a strong platform for the future.
Schenck is hoping the combined groups will strengthen their offer in emerging markets such as China, India and South America.
Greenhill was the sole financial adviser to Schenck Process. Cairn Financial Advisers and PricewaterhouseCoopers acted as financial advisers to CPS.
