Weir extends buy spree with £200m Aussie bid

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Weir's A$7.92-a-share approach for Ludowici is 10% higher than one by Danish rival FLSmidth last month. But the British pumpmaker said its bid was still "subject to the satisfactory completion of due diligence and may or may not lead to an offer."

Ludowici, which is based in Brisbane but employs 1000 people around the world, makes vibrating screens and centrifuges that are used mainly in the coal-mining industry. Weir's chief executive Keith Cochrane said: "Ludowici is a respected brand in the coal processing sector. The potential acquisition would expand our exposure to the attractive and fast growing coal sector where Weir is relatively unrepresented."

If the deal goes ahead, it will be Weir's third acquisition in almost as many months, with the previous two focusing on the controversial "fracking" method of gas extraction. Last month it spent $176 million buying Novatech, a Texan pump parts-manufacturer, while in November, it paid $675 million to buy US wellhead specialist Seaboard Holdings.

Both firms make equipment used in fracking.