Custos refused
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• Christian Salvesen has turned down a second takeover bid from Swedish investment company AB Custos. This is Custos's second attempt in a month to snap up Salvesen; it upped the ante from £1.80 to £2 a share, equating to an offer of .£530m.
Salvesen says it is not in its best interest to continue negotiations, and Custos also says that it will not make any further offers.
If the deal had gone through Salvesen would be returned to private ownership. The company says it wants to grow organically and through acquisitions on the Continent. AB Custos questioned this plan, claiming Salvesen lacks the necessary financial backing.
Salvesen's half-year results showed pre-tax profits up 25% with earnings up 29% at 10.8p. Its share price closed yesterday at 1715p; down 3.5p.
• Salvesen turned down a cash-and-shares offer from Hays in 1996.