Power plant builders Wärtsilä say they have ended takeover talks with Rolls Royce over a deal to buy the £5.5billion-vallued firm.
The Finnish engineering group makes power generation equipment and ship engines, along with services and support for the oil, gas and renewable energy sectors.
Speculation had mounted that Rolls-Royce was looking at taking over the firm in a multi-billion pound deal, but now both companies say the deal is off.
“We confirm the approach by Rolls-Royce with a preliminary proposal for a possible offer for the company,” Wärtsilä said in a statement.
“In case the company receives such proposals, the Wärtsilä Board has an obligation to evaluate such proposals.
“However, we confirm that there are no longer ongoing discussions with Rolls-Royce.”
Rolls-Royce confirmed it had had preliminary discussions with Wärtsilä over an offer for the firm, but that the talks were no longer continuing.
The Helsinki-based firm, which has offices in Aberdeen and Montrose, employs around 17,000 people around the world. Last year it took over UK marine engineers Hamworthy.
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