US regulators approve ABB takeover of electronics firm

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.