Metso is reported as having rejected a second takeover bid from the UK鈥檚 Weir Group that increased the latter鈥檚 valuation of Metso by 20%. The improved offer of 鈧�30.49 (US$41.54) per share valued the Finnish company at US$4.5 billion, up from the initial April offer of US$25.6 (US$34.88) per share.

In a statement, Weir reported that the two company鈥檚 shareholders would have held some 40% of the unified entity and that 拢150 million (US$252.6 million) in savings as a joint group would have been possible. The company went on: 鈥淲eir believes it made a compelling proposal but remains financially disciplined and therefore does not intend to pursue this opportunity further at this time.鈥�