U.S. pumps and valves manufacturer Colfax (CFX
) will buy U.K. toolmaker Charter International (CHITF.PK
) for £1.53B ($2.4B) in cash and shares, beating off rival bidder Melrose (MLSPF.PK
). Despite the sweeter bid, Colfax still needs to convince
Charter's shareholders that it can do a better job of a turnaround.