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Ascot, the chemical engineering group, has accepted a £305m takeover bid from Dow Chemical of the US, and has also announced the sale of Nationwide Refrigeration Supplies to Wolseley for £22m.

Ascot is to sell four engineering businesses - WDS, Flotform, Mitchell Cotts Transmissions and Peter Stubbs - to two management buy-out teams for a total of £46m, in order to focus on chemicals.

Ascot is to acquire Specified Fuels & Chemicals, the US speciality chemicals group, for £14m.

Ascot is acquiring Haltermann, the German provider of chemical processing services, for £90m.

Ascot has sold Sagar Richards, the automotive gearbox components business, to Valeo of France for £8m.

L Gardner has acquired Avon Transmission Services from Ascot Holdings for £2m.

Ascot has sold Presto Engineers Cutting Tools to Kennametal of the US for £15m, and will use the proceeds to cut borrowings.

Ascot Holdings, the pubs and hotels group, has agreed to buy Suter, the industrial conglomerate, for £276m, and will later to decide which of Suter's businesses to keep.

Ascot Holdings is selling 251 pubs to Mayfair Taverns, a management buy-out team, for £29m.

Ascot Holdings is selling its Spanish hotels business to Riu for £42m.