Orders stand in Ludowici case

THE Australian Takeovers Panel has quelled separate appeals by rivals The Weir Group and FLSmidth in the latest round in the battle for control of Brisbane-based processing equipment manufacturer Ludowici.
Orders stand in Ludowici case Orders stand in Ludowici case Orders stand in Ludowici case Orders stand in Ludowici case Orders stand in Ludowici case

 

Nicholas Brant

The panel declined to conduct proceedings on an application by Weir, lodged on February 29, appealing its decision to allow FLSmidth to proceed with its already sweetened bid for Ludowici.

The panel also declined to hear an application by FLSmidth requesting a review of orders for it to pay out-of-pocket expenses to Ludowici shareholders following “unacceptable circumstances” in FLSmidth’s handling of media statements about its offer.

However, the panel comprising president Graham Bradley, Norman O’Bryan and Mike Roche said the “stay on the orders” requiring FLSmidth “to pay compensation to qualifying Ludowici shareholders has ended”

In a statement, the panel said there was no reasonable prospect it would make a different decision to that of the initial panel and accordingly declined to conduct proceedings on both reviews.

The Ludowici board stands by its recommendation that shareholders accept the FLSmidth offer.

This story first appeared on ILN's sister publication MiningNews.net.

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