Shareholders with Thomas & Betts Corp. (NYSE: TNB), a Tennessee-based manufacturer of electrical and utility products, voted to approve a merger agreement with ABB (NYSE: ABB) for $72 per share. The deal is expected to close in mid-2012.
Approval of the merger agreement satisfies one of the conditions to complete the acquisition by ABB. The closing of the acquisition is still subject to clearance by the European Commission and the Canadian antitrust authorities. U.S. and Turkish antitrust regulators have already approved the deal.
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