Lab testing group Intertek to back £10.6bn takeover by Swedish firm EQT

The laboratory testing company Intertek has become the latest FTSE 100 business to agree to a takeover, backing a £10.6bn approach from a private equity firm owned by Sweden’s billionaire Wallenberg family. After rebuffing three previous approaches , Intertek’s board said it was “minded to recommend” the £60-a-share tilt from the Swedish buyout firm EQT to shareholders, if there is a firm offer. The deal is worth £10.6bn including debt, or £9.4bn without. The previous bids were pegged at £58, £54 and £51 a share. Intertek shares jumped almost 7% to £56.65 on Wednesday morning. Other FTSE 100 companies to have accepted multibillion-pound offers this year include the insurer Beazley and the fund manager Schroders . EQT was founded in 1994 as a spinout from Investor AB, the industrial holding company of the Wallenberg family. Its motto is “More than capital”, reflecting the Wallenbergs’ declared philosophy of responsible ownership. Its business empire has been estimated to be worth $40bn (£29.6bn), Bloomberg reported . Intertek, which had kicked off a review of its business a month ago, said its board remained “highly confident in Intertek’s standalone strategy and the value creation opportunity outlined in the strategic review”. It added that, after evaluating the offer and speaking to investors, it would be minded to recommend the deal, which will then be voted on by shareholders. …