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Swiss ABB to buy Chloride Group for $1.25 billion

ABB, the Swiss engineering group, is buying British-based Chloride Group for an agreed £860 million ($1.25 billion), as it seeks to improve its automation offering.

Shares in Chloride surged 18 percent to trade above the 325 pence offer price, suggesting investors were expecting a counter bid from Emerson.

[New York Times]