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Emerson Electric Ups Chloride Offer

Emerson Electric trumps Swiss company ABB's offer for British company Chloride with a counterbid valued at about $1.5 billion.
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NEW YORK (TheStreet) -- Emerson Electric (EMR) - Get Report has come out with what appears to be a superior counterbid to Swiss company ABB's offer for British company Chloride with new offer valued at almost 1 billion pounds or $1.5 billion, according the Associated Press.

The offer trumps ABB's 325 pence a share or 864 million pound offer for Chloride, which the board had recommended on June 8.

Chloride had previously turned down Emerson's 255 pence a share offer, but said it was trying to clarify the details of the new 375 pence a share or 997 million pound offer.

Shares of Emerson Electric settled at $44.85 Monday, roughly unchanged.

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