The buyer The deal The target Price £m
Ford (US) acquired Land Rover (UK) 1850BC Partners (UK) acquired Mark IV Industries (US) 1288Fairey Group (UK) acquired Spectris AG Sensoren und Systeme (Germany) 137Motorola (US) acquired UK semiconductor plant from Hyundai (Korea) 103Various investors acquired telecommunications businesses from Cookson Group (UK) 98Marconi (UK) acquired Systems Management Specialists (US) 76BP Amoco (UK) acquired GreenMountain (US) 66National Grid (UK) acquired 30% of Telefonica Manquehue (Chile) 55Vosper Thornycroft acquired Bombardier Defence Services from (UK) Bombardier (Canada) 30ChannelMaster (US) acquired Cambridge Industries (UK) 23Precision Castparts acquired UEF Aerospace (UK) 23 (UK)Caradon (UK) acquired Eltek Fire & Safety (Norway) 22Laird Group (UK) acquired Fastek Products, Midwest Mouldings (US) 19Oneida (US) acquired Viners of Sheffield (UK) 17Smiths Industries acquired Florida RF Labs (US) 17 (UK)
Source: Corpfin/RSM Robson Rhodes}}
Cross-border acquisitions made up all of the top 15 deals involving UK engineering companies in May, emphasising the increasingly global nature of the industry. UK companies were the buyers in nine deals, and the sellers in five. The remaining acquisition was Motorola’s £103m purchase of the former Hyundai semiconductor plant near Dunfermline, which counts as a deal between foreign companies. May also saw the fourth consecutive monthly rise in the total value of deals, which rose to £4.2bn from £3.3bn in April. Activity in the sector was dominated by two £1bn-plus takeovers – Ford’s purchase of Land Rover from BMW and UK venture capital group BC Partners’ acquisition of US-based mechanical and fluid power transmission engineer Mark IV Industries. There was a total of 67 deals in May, including 47 acquisitions, six rights issues and two flotations.
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