Skip to content Skip to footer

General Electric, Honeywell and Schneider eye up Novar

Share on facebook
Share on twitter
Share on linkedin

General Electric plans to enter the bidding war for Novar, to ward off a hostile offer from Melrose. Other groups believed to be mulling over entering the fray are Honeywell and Schneider, the electrical equipment makers, and Siemens, the German industrial conglomerate.

Melrose made a £625m bid that has been dismissed by the incumbent board as inadequate – alerting General Electric and others to the possibility of making a “white knight” counter offer.

Executives close to the company say the bidders are most interested in Novar’s building controls subsidiary, Intelligent Building Systems, which has a turnover of more than £600m.

Show CommentsClose Comments

Leave a comment