EU OKs Emerson Takeover Bid of Chloride

August 25, 2010 by Jeff Shepard

The European Union announced that it had approved a nearly US $1.5 billion bid by Emerson Electric to acquire British-based Chloride Group plc.

The European Commission said the deal would not significantly impede effective competition in the 27-nation bloc because the merged entity would still face "strong competition" in all national markets.

Chloride had recently recommended to shareholders that they accept the 997-million-pound (US$ 1.5-billion) takeover bid.

Emerson, which has around 129,000 employees and 250 manufacturing locations worldwide, would take sole control over Chloride in the proposed transaction.

Chloride employs about 2,500 people and posted sales of 336 million pounds in the year to March 2010.