For readers that don't recall, Lord Smith is one of Scotland's most prominent business people and the former chairman of Scotland-based Weir Group.
Now, there is a bit of history between Weir Group and IMI, who compete in the production of valves and other pumping equipment for petrochemical businesses.
IMI is run by Mark Selway, the former chief executive of Weir Group. And last year, I revealed on Betaville that Weir Group and IMI held informal talks about a merger in early 2014 but the discussions never went anywhere. Here is the link to that piece:
Since the collapse of the Metso deal, Weir Group's shares have taken a bit of a battering - falling about 30pc - as it makes equipment for the mining and oil industries.
So, both Weir Group and IMI are back to where they were in early 2014, trading on the stock market with roughly the same market capitalisations - about £3.7 billion.
At this point, I'm going to shut up for fear of incurring the wrath of both IMI and Weir Group's PR representatives...