Emerson Electric Co offered to buy Chloride Group Plc for 997 million ($1.5 billion) in an effort to derail ABB Ltds planned takeover of Britains biggest maker of gear to protect against power outages. Chloride shareholders would receive 375 pence a share, Emerson said in a statement on Tuesday. Thats 15% higher than ABBs 325 pence-a-share bid, announced June 8 and accepted by London-based Chloride.
Swatch Group founder dies at 82
Nicolas Hayek, a Lebanese-born business consultant who is widely credited with having saved the Swiss watch industry with the introduction of the Swatch, a wristwatch that made its debut in 1983, died on Monday in Biel, Switzerland. He was 82. Hayek, a founder and the chairman of the Swatch Group, succumbed to heart failure while working at the companys headquarters.
Europe confidence improves in June
European confidence in the economic outlook unexpectedly improved in June after reviving global growth and a drop in the euro bolstered the regions recovery. An index of executive and consumer sentiment in the 16 euro nations rose to 98.7 from 98.4 in May, the European Commission in Brussels said on Tuesday. Economists had projected a drop to 98.1, according to the median of 25 estimates in a Bloomberg News survey. The commissions index is based on a survey of 130,000 managers and 40,000 consumers conducted in the first two weeks of the month.