Defence and aerospace technology firm Meggitt has agreed a £6.3bn takeover deal by US firm Parker-Hannifin.

The FTSE 250 company confirmed an offer from the US engineering technology giant valuing Meggitt at 800p per share.

It said the move represents a 70% premium on the share value of the company at the end of trading on Friday, when it was at 469.1p per share.

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