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Jet parts supplier Meggitt's shares jump on M&A report

By Reuters

<p><body> <p><span class="caps">LONDON</span> (Reuters) – Shares in British engineering company Meggitt jumped 14% on Friday after the Dealreporter website said that U.S. group Woodward Inc was looking at a potential deal.</p> <p>Meggitt’s market capitalisation was $5 billion as of Thursday while Woodward’s stood at about $8 billion.</p> <p>The reported U.S. interest comes after shares in the London-listed aerospace parts maker lost about 30% in value last year when the pandemic took hold and weakness in the aviation market owing to travel restrictions forced plane makers to cut production rates.</p> <p>Meggitt declined to comment on the report. </p> <p>In March Megitt said that it could return to profit growth in 2021 provided there are no further coronavirus lockdowns. Its operating profit plunged by 53% last year.</p> <p/> <p> (Reporting by Thyagaraju Adinarayan and Sarah Young in London, Pushkala Aripaka in Bengaluru; Writing by Keith Weir; Editing by David Goodman)</p> </body></p>