U.S. pumps and valves manufacturer Colfax (CFX) will buy U.K. toolmaker Charter International...

|About: Colfax Corporation (CFX)|By:, SA News Editor

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) (PR). Despite the sweeter bid, Colfax still needs to convince Charter's shareholders that it can do a better job of a turnaround.