General Electric, Honeywell and Schneider eye up Novar
General Electric plans to enter the bidding war for Novar, to ward off a hostile offer from Melrose. Other groups believed to be mulling over entering the fray are Honeywell and Schneider, the electrical equipment makers, and Siemens, the German industrial conglomerate.
Melrose made a £625m bid that has been dismissed by the incumbent board as inadequate - alerting General Electric and others to the possibility of making a “white knight” counter offer.
Executives close to the company say the bidders are most interested in Novar’s building controls subsidiary, Intelligent Building Systems, which has a turnover of more than £600m.
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