Arab Today, arab today us regulators approve abb takeover of electronics firm
Last Updated : GMT 05:57:05
Arab Today, arab today
Arab Today, arab today

US regulators approve ABB takeover of electronics firm

Arab Today, arab today

Arab Today, arab today US regulators approve ABB takeover of electronics firm

Washington - AFP

Swedish-Swiss engineering group ABB said it has got approval from US anti-trust regulators for a $3.9-billion (3.0-billion-euro) takeover of electrical components maker Thomas & Betts. \"The clearance by the United States Department of Justice satisfies one of the conditions to completion of the acquisition,\" ABB said in a statement late Monday. It said the deal, which is due to be put to a vote at a Thomas & Betts shareholder meeting Wednesday, still needed approval from regulators in Europe and Canada. ABB announced on January 30 an offer to buy the US firm for $72 a share, a bid to boost its position in North America and double its potential market there for low-voltage products to $24 billion.

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