Nibe in $700m Schulthess bid

Swedish heat pump maker Nibe Industries yesterday launched a $700m (£427m) bid for Switzerland’s Schulthess Group in a bid to build a leading position in the growing European market for sustainable heating. Nibe said it had bought 31 per cent of Schulthess and was offering CHF60 (£40.5) per share for the remainder of the heating technology company.