LONDON (dpa-AFX) - Plumbing and heating products maker Wolseley plc (WOSCF.PK, WOS.L, WOSYY.PK) Tuesday Said it has signed an agreement to merge Tobler, its Swiss plumbing and heating business, with Walter Meier AG, a Swiss heating and HVAC distributor.
Wolseley expects to receive cash consideration of 117.8 million Swiss francs and a 39.2% minority holding in the newly combined and enlarged business.
The proposed merger is subject to approval by Walter Meier's shareholders, appropriate financing and Swiss competition clearance and therefore there can be no certainty that the transaction will be completed.
The company noted that the merger, if completed, would be consistent with the strategic objectives of both Wolseley and Walter Meier to create a high quality, market-leading business across plumbing, heating and HVAC distribution in Switzerland.
Copyright RTT News/dpa-AFX