Flowserve Drops 3% on $19B Merger Shock!

Flowserve Corporation dropped 3.05% intraday, with the company announcing a merger with Chart Industries in an all-stock deal valued at approximately $19 billion. The merger will create a differentiated leader in industrial process technologies, with Chart shareholders receiving 3.165 shares of Flowserve's common stock for each share held. However, Flowserve shareholders will own approximately 46.5% of the combined company, which may have contributed to the stock's decline.