Emerson sweetens bid for Rockwell Automation to $29B


(Reuters) - Emerson Electric Co boosted its offer to buy Rockwell Automation Inc to about $29 billion, after its previous bid of $27.6 billion was rebuffed last month.

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Emerson's latest offer is for $225 per share, comprising $135 per share in cash and $90 per share in Emerson stock.

Rockwell's shares were up 10.2 percent at $208 in premarket trading, while Emerson's were down about 1 percent at $59.14.

Rockwell had rejected a $215 per share bid from Emerson in October, split in half between cash and shares. In November, Rockwell defended its strategy to operate as a standalone company.

"The industrial logic for this combination is clear. A combination of Emerson and Rockwell would create a leader in the $200 billion global automation market," Emerson said in a statement.

Rockwell was not immediately available for comment.

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Emerson's strength is in process automation, helping power plants and factories in sectors such as mining and cement operate more efficiently.

Rockwell is a leader in so-called discrete automation, helping assemble component parts to manufacture items such as automobiles, household appliances and computer systems.

(Reporting by Ankit Ajmera in Bengaluru; editing by Sai Sachin Ravikumar and Saumyadeb Chakrabarty)

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