Emerson ups bid for Chloride to $1.5bn

Emerson Electric has upped its cash offer for Chloride to $1.5bn (£995m) in a bid to tempt the group away from a recommended $1.25bn deal from Switzerland's ABB.

Emerson's latest offer of 375 pence per share in cash for the power company is being made through vehicle Rutherfurd Acquisitions and represents a 15 percent premium to ABB's offer of 325 pence a share.

"As participants in the uninterruptible power supply (UPS) market, we believe there is a stronger rationale for a deal between Chloride and Emerson and therefore, we think Emerson's offer merits approval by Chloride's Board and shareholders," Emerson Chief Executive David Farr said in a statement.

Chloride, which had previously rejected a 275 pence per share offer from Emerson