Toolmaker says takeover talks continue

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THE 600 Group said talks are continuing with a Chinese investor over a possible takeover.

The Heckmondwike-based toolmaker announced last month that Qingdao D&D Investment Group had made an approach that may lead to a cash offer being made for the company.

The listed business confirmed last night that the Takeover Panel had consented to an extension of the original deadline to allow the discussions to progress.

The new deadline for D&D to make an offer or walk away is November 6.

The 600 Group makes and distributes machine tools to customers in 180 countries.

It told shareholders last month that market conditions had improved in the UK and further afield.

The group is chaired by Paul Dupee, a seasoned American businessman and investor.

D&D, based in the Shandong province of eastern China, makes benchtop power tools and has annual sales of $100m.