Alfa Laval lowers acceptance level in Neles bid to more than half

Credit: REUTERS/BENOIT TESSIER

Swedish engineering group Alfa Laval said on Thursday it was lowering to more than 50% the acceptance level requirement in its bid for Finnish valves maker Neles, from the 2/3rds of shares and votes needed earlier.

STOCKHOLM, Oct 15 (Reuters) - Swedish engineering group Alfa Laval ALFA.ST said on Thursday it was lowering to more than 50% the acceptance level requirement in its bid for Finnish valves maker Neles NELES.HE, from the 2/3rds of shares and votes needed earlier.

Alfa Laval also said it would extend the acceptance period in the 11.50 euros per share offer for Neles to Oct. 30 from Oct. 22 previously.

Valmet VALMT.HE, Neles's biggest shareholder, has been sceptic of Alfa Laval's bid, and has approached Neles proposing that Neles and Valmet merge.

Valmet has raised its stake in Neles since Alfa Laval made its bid in July, and owned 29.5% of the company at the end of September.

(Reporting by Johannes Hellstrom; Editing by Subhranshu Sahu)

((johannes.hellstrom@thomsonreuters.com; +46850242388; Reuters Messaging: johannes.hellstrom.reuters.com@reuters.net))

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