ABB, Thomas & Betts Near Deal: Report
NEW YORK (TheStreet) -- ABB Ltd. (ABB) is close to a deal to acquire Thomas & Betts Corp. (TNB), according to a published media report.
The deal would be worth about $4 billion, according to the report, which was published on The Wall Street Journal's Web site. The report cited anonymous sources familiar with the matter.
The sources said the deal could be announced as early as Monday but warned that talks could still fall apart, the report said.
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ABB is a Switzerland-based engineering company that provides power and automation technologies to utility and industrial companies. Memphis, Tenn.-based Thomas & Betts makes electrical components used by businesses. ABB's U.S.-listed shares closed Friday's session down 6 cents at $21.24. Thomas & Betts' shares closed the session up 25 cents at $57.95.Select the service that is right for you!
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