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Chloride plugs into bid.

DIRECTORS of emergency power supply firm Chloride have urged shareholders to back a takeover bid valuing the business at pounds 864m.

Bosses at the former battery manufacturer - now helping blue-chip firms to protect against power cuts - is recommending the offer from Zurich-based ABB.

The offer increases the pressure on rival Emerson Electric, which failed to win the company's support with a takeover proposal worth pounds 723m.

Chloride employs 2,300 people in 15 countries - with 374 based in the UK.

Power and automation specialist ABB said Chloride's strength proving uninterrupted power supply systems would give it a leading presence in a field where it is not presently active.

US-based Emerson Electric tabled its offer for Chloride in April - two years after it failed with a previous proposal. The US firm's latest offer was worth 275p a share against the 325p a share offered by ABB.
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Title Annotation:Business
Publication:Huddersfield Daily Examiner (Huddersfield, England)
Date:Jun 9, 2010
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