ABB and Emerson battle for Chloride
29 June 2010
The battle for UK company Chloride continues as Emerson launches an offer to counter ABB’s previously accepted £860 million take-over bid. Emerson has pushed its offer up to just under £1 billion (€1.2 billion), causing Chloride shares to rocket.
Chrloride manufactures UPS systems, a market where Emerson is already well-established. ABB has already said it plans to integrate Chloride into its power and automation groups, adding that the move follows its "strategy to acquire companies especially in areas where demand is converging across both of these businesses".
Emerson originally made a move to acquire Chloride in April with a rejected bid of £723 million. Now, it remains to be seen whether ABB will counter Emerson’s new offer. The jump in share price certainly points to the fact that the city is anticipating a continuation of the bidding war.
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