The bid battle for oil services group Expro International is hotting up. Late last night US rival Halliburton offered £15.25 a share for Expro, topping an existing bid of £14.35 from a group of funds managed by private equity group Candover.
Now Umbrellastream, the Candover vehicle, has stepped back into the fray, raising its offer to £15.50 in cash. The Expro board have given their backing to Candover's revised bid, but in the market Expro has jumped 83p to £16.24. This suggests the City believes Halliburton - which has deep pockets - is not finished yet.
With Wall Street down more than 130 points on inflation worries, the FTSE 100 is also under the cosh, 75.2 points lower at 6106.4.
