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Jet parts supplier Meggitt’s shares jump on M&A report

Mark White by Mark White
August 26, 2021
in Suppliers
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LONDON, May 7 (Reuters) – Shares in British engineering company Meggitt (MGGT.L) jumped 14% on Friday after the Dealreporter website said that U.S. group Woodward Inc (WWD.O) was looking at a potential deal.

Meggitt’s market capitalisation was $5 billion as of Thursday while Woodward’s stood at about $8 billion.

The reported U.S. interest comes after shares in the London-listed aerospace parts maker lost about 30% in value last year when the pandemic took hold and weakness in the aviation market owing to travel restrictions forced plane makers to cut production rates.

Meggitt declined to comment on the report.

In March Megitt said that it could return to profit growth in 2021 provided there are no further coronavirus lockdowns. Its operating profit plunged by 53% last year.

Reporting by Thyagaraju Adinarayan
Writing by Keith Weir
Editing by David Goodman

Our Standards: The Thomson Reuters Trust Principles.



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Mark White

Mark White

Mark White is the editor of the ProcurementNation, a Media Outlet covering supply chain and logistics issues. He joined The New York Times in 2007 as an commodities reporter, and most recently served as foreign-exchange editor in New York.

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