Charter to set out its survival strategy after rebuffing bid

CHARTER International, the engineering firm that has twice rebuffed bids from the industrial investor Melrose, will this week pitch a set of proposals to investors on how it will improve its performance, as the company fights to retain its independence.

In its interim results this Friday, Charter will outline an operational strategy to improve the record of its two engineering firms ESAB and Howden as well as £30m cost saving plans announced at the group’s profits warning last month.

The proposals come after Charter rejected a revised bid from Melrose last week at 840p-a-share, dismissing it as “opportunistic”.

The tool and equipment making group, which said it was “exploring strategic alternatives” is rumoured to be looking at a sale of one of its firms to fend off a takeover approach.