City File: Wilkes wanted

Saturday 03 April 1993 23:02 BST

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JAMES WILKES can be forgiven for feeling paranoid. With both David Abell's Suter and the group's former chairman, Stephen Hinchliffe, having 10 per cent stakes, the Sheffield-based engineer, which beat off a pounds 28m bid from Petrocon a year ago, is everyone's favourite takeover candidate.

Its 1992 results, announced on Tuesday, look like being the proverbial 'kitchen sink' job. Restructuring, closure and disposal provisions are set to more than wipe out the pounds 5m or so of operating profits.

Still, at 66p a share the company is valued at under pounds 10m. It would be worth more than that to somebody.

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