General Electric, UK engineer IMI and takeover funds CVC and First Reserve are preparing binding offers for Italian valve maker Petrolvalves, sources familiar with the situation said.Industry rival Emerson Electric Co, described by one source as a "motivated" bidder, could also participate in the final round of the auction, launched earlier this year by the Candiani family which wants to sell its majority stake.The sources said the binding offers could value the Italian company at more than 1 billion euros ($1.31 billion).The bidding process is complicated by the fact that another Italian family, the Lualdi, owns 40 percent of the company and is reluctant to sell.
Emerson Electric Co. (Emerson) is a diversified global technology company. Shares of EMR traded higher by 0.41% or $0.265/share to $64.28. In the past year, the shares have traded as low as $60.48 and as high as $70.66. On average, 2848140 shares of EMR exchange hands on a given day and today's volume is recorded at 2147223.
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