Palfinger AG, the Vienna listed company that acquired life saving equipment maker Harding last month, has unveiled a plan to acquire TTS Group, the Norwegian marine equipment maker.

Palfinger intends to offer NOK5.60 in cash per share in TTS Group, which is listed in Oslo. It expects to publsh a detailed offer within a month and to close the deal by the end of Janyary next year. A family that controls 32% of the shares in TTS Group has recommended that other shareholders in the company accept the planned offer.