Steinway sold off for £300m

STEINWAY, famous for making grand pianos, yesterday accepted a takeover bid from a hedge fund that values the company to the tune of $512m (£330m).

The 160-year-old firm’s board agreed the takeover with hedge fund manager John Paulson, who wants to take the company private. Although competitors still have time to launch a counter-bid many rival bidders have now pulled out of talks. Paulson & Co is best known for betting against subprime mortgages in 2007.