ABB's acquisition of Elsag Bailey approved

ABB announced Dec. 16 it has received approval from the European Commission (EC) to complete its purchase of Elsag Bailey Process Automation N.V. The company also reported discussions are continuing with the U.S. Federal Trade Commission and that it expects a final ruling on the proposed acquisition in mid-January 1999.

01/01/1999


ABB announced Dec. 16 it has received approval from the European Commission (EC) to complete its purchase of Elsag Bailey Process Automation N.V. The company also reported discussions are continuing with the U.S. Federal Trade Commission and that it expects a final ruling on the proposed acquisition in mid-January 1999. ABB unveiled plans to buy The Netherlands-based Elsag Bailey's outstanding common and preferred securities for about $2.1 billion in October 1998. To secure EC approval, ABB agreed to divest Elsag Bailey's gas chromatograph and mass spectrometer business. Located primarily in Bartlesville, Okla., this division has about $50 million in annual revenues and employs about 340 people.





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