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Morris Township/London (pte023/13.12.2004/11:15) - The US conglomerate Honeywell http://www.honeywell.com has agreed to take over the British industrial holding company Novar http://www.novar.com . As the Wall Street Journal (WSJ) reports today, Monday, Honeywell will pay185 pence (2.67 euros) for each Novar share. Honeywell's deal with London-based Novar is said to be worth 796 million pounds (1.15 billion euros).
The takeover by Honeywell will see the US company assume Novar's approximately 300 million pounds (433.4 million euros) of debt. According to the WSJ, Honeywell is primarily interested in Novar's electronics branch, which develops technology for building and fire security. Novar's other interests are likely to be sold off, writes the WSJ.
Honeywell's purchase price outbids a cash-and-stock bid by business rival Melrose by 28 per cent. Novar rejected the bid, value at 145 pence (2.09 euros) per share, and started looking for another buyer. In the last few weeks, English media had reported that Siemens, Schneider Electric and General Electric had all expressed interest in a possible takeover of Novar.
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