Emerson Nears $1.5B Chloride Deal After ABB Bails

Law360, New York (July 1, 2010, 7:28 PM EDT) -- Emerson Electric Co. is poised to take over Chloride Group PLC for £997 million ($1.5 billion) after rival suitor ABB Ltd. declined to compete with Emerson’s sweetened offer for the U.K.-based power systems manufacturer.

Swiss power and automation technology company ABB said Thursday that it reviewed Emerson’s competing proposal to acquire Chloride and decided not to match the bid.

“While we still see considerable value in the combination of ABB and Chloride and have a high regard for the Chloride management team, we must take a...
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