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ABB drops out of race for Chloride

Emerson Electric now favourite to takeover British firm

01 July 2010

US firm ABB has dropped out of the race to takeover Chloride after declaring it would not match the bid made by a rival company.

Emerson Electric made a £997 million offer for the British firm, a bid which trumped ABB's previously agreed £860 million deal.

"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," ABB chief executive Joe Hogan said.

Chloride, which provides back-up power supply units to businesses such as BT, confirmed that it will now enter negotiations with Emerson.

Emerson is looking to break into the European market having established itself as one of the leading industry suppliers in the US.

It has around 2,500 employees and recently reported end-of-year revenue of £336 million.

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