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Friday, March 12, 2010
EU Commission OKs Stanley Works, Black & Decker Merger
By Alessandro Torello
Dow Jones Newswires
BRUSSELS -(Dow Jones)- 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.
Copyright © 2009 Dow Jones Newswires
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