Wartsila, Rolls-Royce No Longer in Takeover Talks

Wärtsilä and Rolls-Royce have announced today that the companies are no longer in discussions under which Rolls-Royce would take over the marine business of the Finland’s engine manufacturer.

In a press release issued this morning Wärtsilä‘s Board of Directors said: “Wärtsilä Corporation notes the recent speculation about a potential transaction between Rolls-Royce Plc and Wärtsilä. We confirm the approach by Rolls-Royce with a preliminary proposal for a possible offer for the company. In case the company receives such proposals, the Wärtsilä Board has an obligation to evaluate such proposals. However, we confirm that there are no longer ongoing discussions with Rolls-Royce.”

To remind, Bloomberg news agency, citing three people familiar with the matter,  yesterday announced that Rolls-Royce was pondering a takeover offer for a Wärtsilä branch. According to the sources, Rolls-Royce was looking to strengthen its non-aerospace sales by buying the marine-propulsion unit from the Helsinki-based engine construction company.

Rolls-Royce, in a separate statement, also confirmed the two companies were no longer in talks: “Rolls-Royce notes the recent press speculation and confirms that it has been in preliminary discussions with the Board of Wärtsilä regarding a possible offer for the company. However, those discussions are no longer continuing.”

Offshore Energy Today Staff, November 09, 2013