Nibe Industries has launched a bid for the remaining shares of Swiss heating, cooling and washing technology company, Schulthess Group, Reuters reports. The $700 million bid is made up of 60% in cash and 40% in new Nibe B shares. The deal has been recommended by Schulthess’ board. Nibe has completed the acquisition of a 31% stake in Schulthess. The Swedish heat pump maker paid $66.1 per share for the acquisition.

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