The identity of the buyer for Swiss utility Elektrowatt AG’s large stake in components distributor Unitech Plc caused something of a surprise on Friday when it was revealed to be engineer and control systems company Siebe Plc. Siebe paid 590 pence per share for a 24.9% stake in Unitech, and will issue a put option to Elektrowatt for the remainder of the latter’s 29.1%. The put option will allow Elektrowatt to require Siebe to buy the remaining 4.2% of its holding at 600 pence on September 30. The arrangements make it appear that, contrary to Unitech’s fears, Siebe has no immediate plans to launch a full bid for the company, but will remain on board as an investor. The total 29.1% stake it would acquire if the option is exercised is just below the level at which a bid would be triggered.
