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| ABB announces offer to buy Chloride Group PLC ABB, the global power and automation technology group, has announced a recommended offer to acquire UK-based Chloride in order to establish a leading presence in and help to meet the growing demand for uninterruptible power supplies (UPS). The boards of directors of both companies have agreed on a recommended offer price of 325 pence per share. The offer price values the business at approximately 860 million pounds. Chloride shareholders will also be entitled to receive a final dividend of 3.3 pence per share as proposed on 24 May 2010. The acquisition is subject to approval by Chloride shareholders, the UK High Court and certain regulatory authorities. Chloride's UPS offering is used in applications where power quality and security are critically important. This includes ABB's traditional utilities and industrial customer base such as the oil, gas, and petrochemicals industry as well as new sectors in service industries such as data centers, financial institutions, hospitals and airports. The company has a strong service offering and a significant installed base. Chloride Group PLC is based in London, employs about 2,500 people and reported revenue of 336 million pounds in its fiscal year ended March 31, 2010. Shares in the company are traded on the London Stock Exchange. write your comments about the article :: © 2010 Construction News :: home page |