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Britain’s Chloride seals deal with Emerson

Chloride Group, the British power supply company, said Friday that it has accepted an improved takeover bid from the American competitor, Emerson Electric, that values it at £997 million ($1.5 billion).

Chloride said its board unanimously recommended that shareholders accept Emerson’s offer of 375 pence a share. Besides its cash offer for shares, Emerson said Chloride shareholders would also receive a final dividend of 3.3 pence a share for the year ending March 31, The Associated Press reported.