GE, IMI, buyout funds line up bids for Italy's Petrolvalves: sources

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GE, IMI, buyout funds line up bids for Italy's Petrolvalves: sources

<p><a href="http://news.yahoo.com/ge-imi-buyout-funds-line-bids-italys-petrolvalves-184444063--sector.html"><img src="http://l1.yimg.com/bt/api/res/1.2/5fQWR7TFt6LS5vHgEcouNg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2014-09-02T184444Z_1_LYNXMPEA810ZE_RTROPTP_2_ALSTOM-GE-KRON.JPG" width="130" height="86" alt="The logo of US conglomerate General Electric is pictured at the company's site in Belfort" align="left" title="The logo of US conglomerate General Electric is pictured at the company's site in Belfort" border="0" /></a>By Pamela Barbaglia LONDON (Reuters) - General Electric , UK engineer IMI and buyout funds CVC and First Reserve are preparing binding offers for Italian valve maker Petrolvalves, sources familiar with the situation said. Industry rival Emerson Electric Co , described by one source as a &quot;motivated&quot; bidder, could also participate in the final round of the auction, launched earlier this year by the Candiani family which wants to sell its majority stake. The bidding process is complicated by the fact that another Italian family, the Lualdi, owns 40 percent of the company and is reluctant to sell. Petrolvalves, which was established in 1956 and generates the bulk of its revenues overseas, has set a deadline for binding offers towards the end of September in an attempt to sign a deal later this year, the sources said.</p><br clear="all"/>

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