Shopping Wars, II

Well, that was quick. The email below from ABB relating to the Emerson offer for Chloride appeared in my inbox this morning.

ABB Statement on Chloride
Zurich, Switzerland, July 1, 2010 – ABB, the global power and automation technology group, has reviewed the offer announced by Emerson on 29 June 2010 of 375p per Chloride share and has decided not to match Emerson's offer.

"While we still see considerable value in the combination of ABB and Chloride and have a high regard for the Chloride management team, we must take a disciplined approach when assessing potential acquisitions," said Joe Hogan, ABB's CEO. 

I'm not prepared to bet the rent on it, but I wouldn't be surprised if this story is far from over.