ABB bows out of Chloride bidding war
02 July 2010
ABB says it will not match Emerson’s offer of around £1 billion for UK UPS specialist Chloride Group. Emerson had hit back against ABB’s offer of £860 million, which looked to have scuppered Emerson’s original £723 million takeover bid.
The Swiss headquartered power and automation giant issued a statement on July 1, 2010 that said after reviewing the Emerson offer it had decided not to match the bid of 375p per Chloride share.
Joe Hogan, CEO of ABB, said: “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.”
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