ABB (ABB) abandons its pursuit of U.K.-based Chloride Group, saying it won't raise its bid to...

|About: ABB LTD. (ABB)|By:, SA News Editor

ABB (ABB) abandons its pursuit of U.K.-based Chloride Group, saying it won't raise its bid to match an improved £997M ($1.5B) offer by Emerson Electric (EMR). The decision came as a surprise to some investors, but ABB CEO Joe Hogan says he must take a "disciplined approach" to acquisitions.