Chloride accepts $1.5 bn Emerson takeover bid

LONDON: British power systems group Chloride on Friday said that it was recommending shareholders to accept a 997-million-pound (1.228-billion-euro, 1.506-billion-dollar) takeover bid from US industrial technology company Emerson.

Emerson's offer trumped one from Swiss group ABB, which pulled out of the bidding on Thursday.

Chloride employs about 2,500 people and posted sales of 336 million pounds in the year ending March 31, 2010.