ABB Clears Way for Emerson on Chloride (ABB; EMR; CHLD.L)
From DealBook:
ABB, the Swiss engineering company, said Thursday that it would not continue its attempt to buy the British company Chloride by matching Emerson Electric’s improved offer of $1.5 billion.
“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 disciplined approach when assessing potential acquisitions,” Joe Hogan, ABB’s chief executive, said.
In response to the ABB statement, Chloride said it would enter talks with Emerson over its latest bid.
Emerson, after a first offer of $1.1 billion was rejected by Chloride this spring, topped ABB’s $1.25 billion bid this week, and Chloride on Wednesday called its offer of 375 pence per share the “superior proposal,” just weeks after recommending ABB’s offer.
Chloride provides equipments that assures clients uninterrupted electric power, a sector in which Emerson, based in St. Louis, Missouri, is already active, and which ABB was seeking to enter with the deal....MORE
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