Deals
Emerson Vows to Grow After Junking $29 Billion Rockwell Quest
- Rockwell deal ‘is dead and we’re moving on,’ says Emerson CEO
- Target had rejected sweetened cash-stock offer of $29 billion
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Emerson Electric Co. boss Dave Farr says he’ll rebuild his company in smaller steps after giving up on his $29 billion bid to buy Rockwell Automation Inc.
Focusing on more modest targets is Plan B for the frustrated chief executive officer, who had hoped to achieve his goal of dominating the factory-efficiency market with one big, bold acquisition. Rockwell Automation, which has dramatically outperformed Emerson this year in the stock market, rejected his offer even after he sweetened it twice.