Bids for innovation

In-Depth

Two US engineering giants are locked in a battle for UK company Domnick Hunter, attracted by its commitment to R&D on niche technologies with great potential. Andrew Lee reports.

For the past month two

engineering giants have been fighting tooth and nail over

, a medium-sized company based in the north-east of

. The would-be buyers are

and

, which between them have a stock market valuation nudging £11bn.

Like high-rollers at a casino card table, the two Americans have been raising the stakes in an effort to outbid each other and secure the shares of their UK target, a County Durham-based specialist in filtration, separation and purification technology, which has a presence in 25 countries.

Parker Hannifin kicked off the bidding in early August, offering 605p a share. Eaton entered the fray at 675p, and tabled successive offers that chased Parker Hannifin up to 680p and then 700p, which remained the highest offer as The Engineer went to press.

The company at the centre of all the fuss is hardly a household name, so what is it about Domnick Hunter that the two US groups (coincidentally both based in Ohio) are prepared to offer serious money for?

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