Weir raises bid for Ludowici

Weir Group, the FTSE 100 pump manufacturer, has raised its offer for the Australian mining equipment-maker Ludowici to A$357m (£243m) to match a rival bid.

Its approach earlier this month was beaten by FLSmidth, which first put in a bid last month.

Weir said it too would offer A$357m, or A$10.00 per share. However, this is conditional on regulators barring FLSmidth from offering more than its earlier bid of A$7.20 per share.