EU Commission OKs Stanley Works, Black & Decker Merger
March 12 2010 - 7:02AM
Dow Jones News
The European Commission Friday cleared the merger of U.S.
construction tool supplier Stanley Works (SWK) with peer Black
& Decker Corp. (BDK).
Stanley Works agreed to buy Black & Decker for $4.5 billion
in stock in November, in a deal that will enable the
companies--household names in the U.S. tools industry--to cut costs
and exert more influence on pricing.
Under terms of the deal, Black & Decker shareholders will
receive 1.275 shares of Stanley for each share held. Stanley
shareholders will hold a 50.5% majority stake in the combined
company.
-By Alessandro Torello, Dow Jones Newswires; +32 2 741 14 88;
alessandro.torello@dowjones.com
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