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Polo shirt manufacturer client in billion dollar takeover

Wednesday 25th of October 2006 02:35:00 PM

Saurer, a client of polo shirt manufacturer Fruit of the Loom, is set to be taken over by Swiss technology group OC Oerlikon.

The firm, which manufactures machines for the textile industry, is to be bought out in a deal valued at Swiss Francs (SFR) 2 billion (£0.8 billion).

Along with Fruit of the Loom, other clients of Saurer's include t-shirt, sportswear and clothing manufacturer Benetton.

Oerlikon has offered SFR 135 per share for Saurer, with the transaction subject to approval from Switzerland's takeover board.

Recommending the deal, the textile machine manufacturer sees the bid price increased from a recent offer of SFR 116.5 per share.

"The board of directors [. . .] comes to the conclusion that the offer should be regarded as attractive," the group said in a statement.

Saurer employs 12,000 people and recorded revenues of SFR 2.43 billion last year.

Find Fruit of the Loom products here

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