Stanley Sees Cost Savings In Black & Decker Deal

Stanley shareholders will own about 50.5 percent of the combined company, while Black & Decker shareholders will hold the rest.

Each company's board of directors has signed off on the deal, but it still needs regulatory and shareholder approval. It's expected to close in the first half of 2010.

Black & Decker shares climbed $14.66, or 31 percent, to $62 Tuesday. Stanley Works shares rose $4.54, or 10.1 percent, to $49.69.

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Associated Press Writer Kasey Jones in Baltimore, Md., and AP Business Writers Stephen Singer in Hartford, Conn., and Betsy Vereckey in Chicago contributed to this report.

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