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ABB group offers $1.25 bln for Britain's Chloride

Tue, 06/08/2010 - 12:05am
The Associated Press

Swiss-Swedish engineering group ABB Ltd. said Tuesday it has made an offer to buy British power supply maker Chloride Group PLC for approximately 860 million pounds ($1.25 billion).

The price is equivalent to the 325 pence per share that both companies agreed on, ABB said in a statement. Chloride shareholders will get a dividend of 3.3 pence per share, it said.

The acquisition of Chloride, which provides backup power supply systems, is subject to regulatory approval.

"The combination of Chloride's strong position in the fast-growing medium- to high-power UPS business with ABB's global reach and complementary power and automation offering provides significant growth opportunities for both businesses," said ABB's CEO Joe Hogan.

ABB shares were up 1.2 percent at 19.45 Swiss francs ($16.74) on the Zurich exchange.

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