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(Reuters) – Finnish engineering firm Valmet VALMT.HE, which hold 15.5% stake in Neles NELES.HE, repeated on Thursday it plans to be an active long-term shareholder in the valves maker for which Sweden’s Alfa Laval ALFA.ST has made a takeover offer.
On July 13 Alfa Laval announced a recommended 1.73 billion euro (1.58 billion pounds) cash bid for Neles, seeking to boost its presence in the industrial flow control market.
“Valmet’s goal is to have an active long-term role in the development of Neles,” CEO Pasi Laine said in Valmet’s second-quarter earnings report published on Thursday.
Valmet criticised the offer and said it was not in the interest of Neles or Neles’ shareholders.
Reporting by Tarmo Virki in Tallinn; editing by Jason Neely
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