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weir group

Oil & Gas

Weir forced into U-turn on directors’ pay after shareholder backlash

Struggling Scottish engineering firm Weir Group was forced to do a U-turn over directors' pay following a shareholders’ revolt at yesterday’s annual general meeting. In a resounding defeat, the company’s executive remuneration policy was voted down by 73% of shareholders, despite chief executive Keith Cochrane taking a pay cut of more than a quarter, leaving him with just over £1milllion. Their objection was linked to the proposed introduction of share options for executives which will pay out regardless of the company's performance, a rarity in UK boardrooms.

Markets

Weir Group sees stocks boosted

Oil and Gas services firm Weir rose by nearly 5% amid speculation it could be the subject of a break-up bid from a US private equity firm. The stock, which has hit turbulence in recent months due to the fall in oil prices, was 85.5p higher at 1824.5p. Other big risers included Taylor Wimpey after the company this week joined rival firms in reporting a strong start to the important spring selling season.

Markets

Weir Group delivers gloomy outlook for 2015

Scottish engineer Weir Group said yesterday it was readying itself for a significant fall in revenue and lower operating margins because of the plunge in oil prices. The gloomy outlook accompanying full-year results sent the Glasgow-based company’s shares tumbling nearly 10%. Weir, which makes valves and pumps for the energy and mining industries, has been hit by a slowdown in North American oilfield activity as crude oil prices remain depressed and explorers and producers slash capital spending.