BTR shareholders gave the go-ahead to the group’s merger with Siebe at a meeting on Wednesday. Speculation had grown in recent weeks that the vote would be close, but most analysts were agreed this week that without a white knight rescuer, BTR investors had little choice but to accept the deal after years of share price underperformance. The merger was highlighted in Albert E Sharp’s industry report as one forced on both companies by a lack of alternatives. ‘In our opinion, the BTR/Siebe and LucasVarity mergers are about scale and do not have overriding industrial logic,’ the report said. BTR/Siebe claims the merger will boost its ability to offer high-value-added engineering services.