ABB Will Buy Chloride For $1.25 Billion

ABB ABB, the Swiss power grid maker, will acquire U.K.-based Chloride Group for $1.25 billion in cash in a move that may set the tone for a bidding war with U.S. conglomerate Emerson Electric EMR. ABB's offer bests Emerson's by about $204 million. Emerson said it will decide if it can raise its offer. ABB, the world's largest supplier of power grids, has made two $1 billion acquisitions in the past two months including the Chloride purchase. Credit Suisse advised ABB on the purchase. Citigroup C and Investec are jointly advising Chloride, according to Bloomberg News.