Why Intertek looks set to be latest British firm to fall into foreign hands
Laboratory testing company Intertek looks set to be the latest British firm to fall into foreign hands after it backed a higher takeover approach from Swedish suitor EQT worth £9.4 billion.
London-listed Intertek said it would be “minded to recommend” the £60-a-share approach from Swedish private equity company EQT to shareholders, or £61.08 including a final dividend, should a firm offer be made. It comes after Intertek rebuffed three previous approaches from EQT which were worth £58, £54 a share and £51.50 per share, with the most recent previous proposal worth £8.9 billion. Intertek said: “The board of Intertek remains highly confident in Intertek’s standalone strategy and the value creation opportunity outlined in the strategic review announced on April 14 2026.
“However, having carefully evaluated the final proposal, together with its advisers, and following significant engagement with its shareholders, the board of Intertek considers that the financial terms of the final proposal deliver value in cash to Intertek shareholders at a level which it would be minded to recommend to Intertek shareholders.”
The firm has been looking to either sell or spin off its Intertek Energy and Infrastructure division from Intertek Testing and Assurance, with plans to complete the strategic review and put in place the changes by the middle of next year. It said it would now pause work on the review.