ABB buying Elsag Bailey
To expand into new markets and strengthen key technologies, ABB announced Oct. 14 plans to acquire Netherlands-based Elsag Bailey Process Automation N.V. In agreements signed with Elsag Bailey and its owner Finmeccanica SpA, ABB will offer about $2.1 billion for all of Elsag Bailey's outstanding common shares and trust originated preferred securities (TOPrS), i...
Zurich, Switzerland — To expand into new markets and strengthen key technologies, ABB announced Oct. 14 plans to acquire Netherlands-based Elsag Bailey Process Automation N.V. In agreements signed with Elsag Bailey and its owner Finmeccanica SpA, ABB will offer about $2.1 billion for all of Elsag Bailey’s outstanding common shares and trust originated preferred securities (TOPrS), including about $600 million in debt. The agreement calls for Finmeccanica, the Italian state-owned industrial group, to sell ABB all issued common shares and TOPrS it holds in Elsag Bailey, or about 53% of Elsag Bailey’s outstanding, fully diluted equity. ABB, Elsag Bailey, and Finmeccanica hope to complete the acquisition within five or six weeks.
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