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Bids, Mergers and Takeovers

Wolseley notes Tobler, Walter Meier complete merger

07 April 2017 07:12

Wolseley has noted the completion of the merger between Tobler, its Swiss plumbing and heating business, and Walter Meier.

The deal had now received the necessary approval by Walter Meier's shareholders, appropriate financing and Swiss competition clearance.

Going forward, Wolseley would have a minority interest in the combined business and the company's share of profits after tax would be accounted for as an associate.

Tobler generated £235m of revenue and £15m of trading profit in the year ended 31 July 2016.

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