Redhall has agreed to buy Mount Engineering for 70p per share, valuing the oil and gas valve maker at £16m.Redhall, which already provides services for the energy, defence and nuclear industries, said the purchase will boost in its international presence in the oil and gas market and strengthen its specialist manufacturing capability, especially in high hazard markets."We believe this acquisition will deliver significant improvement in operating margin and will strengthen the Redhall Group's presence within the global oil and gas markets," said David Jackson, Redhall's executive chairman.The offer is a 26% premium to yesterday's closing price and has been recommended by the Mount board.Mount also reported a fall in profits in the six months to June 30, to £1.2m from £1.4m over the same period the previous year, as markets in Asia, mainland Europe and the UK were weaker than expected. Revenue fell to £4.6m from £5m.