Ticker

Rotork PLC's (LSE:ROR) agreement to a £4.1 billion takeover by Switzerland's ABB sparked a rally across the FTSE industrial engineering sector, adding to evidence that overseas buyers continue to target UK manufacturers. Shares in the FTSE 250-listed flow control specialist surged 67% to 486p after ABB agreed to pay 503p a share in cash, with shareholders also eligible to receive an interim dividend of up to 3p.

Shares of British engineering company Rotork surged 67% on Thursday after Swiss industrial giant ABB agreed to acquire the company for $5.5 billion in the largest acquisition in ABB's history, extending a wave of foreign takeovers that is reshaping the UK stock market. The recommended cash offer eclipses ABB's previous biggest acquisitions, including its $4.2 billion purchase of Baldor in 2011 and its $3.9 billion…

Rotork PLC's (LSE:ROR) agreement to a £4.1 billion takeover by Switzerland's ABB sparked a rally across the FTSE industrial engineering sector, adding to evidence that overseas buyers continue to target UK manufacturers. Shares in the FTSE 250-listed flow control specialist surged 67% to 486p after ABB agreed to pay 503p a share in cash, with shareholders also eligible to receive an interim dividend of up to 3p.

Rotork PLC (LSE:ROR) has agreed to a £4.1 billion takeover by Swiss engineering group ABB, in the latest high-profile acquisition of a FTSE 350 company. The industrial equipment maker recommended the 506p-a-share cash offer, which represents a 73% premium to yesterday's closing share price and a 63% premium to the average price over the past three months.

Under the agreement, shareholders would receive $6.81 for each Rotork share, a 60% premium to the company's three-month average share price.