Intertek has reportedly moved closer to endorsing EQT's £9.2 billion takeover bid, following sustained pressure from investors including Peltz Harris.
The development marks a potential turning point in the protracted pursuit, which has drawn attention from market participants and analysts.
EQT's shares have shown a positive reaction to the news, reflecting renewed investor confidence in the potential deal.
The energy sector, broadly, has seen increased volatility as stakeholders assess the implications of a possible consolidation in the industry.
The bid, which has been under review for an extended period, now faces a critical juncture as Intertek's board weighs the strategic and financial merits of the offer.
The outcome could set a precedent for future M&A activity in the energy space, particularly in a market where scale and operational efficiency are increasingly valued.