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EATON CORP PLC
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Eaton Agrees To Acquire Cooper Industries In $11.8 Billion Cash-And-Stock Deal

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05/21/2012 | 03:52pm CEST

Industrial manufacturer Eaton Corp. (>> Eaton Corporation) agreed to acquire electrical equipment supplier Cooper Industries PLC (CBE) in a roughly $11.8 billion cash-and-stock deal it expects will vastly expand its power management portfolio and electrical business.

The deal offers Cooper shareholders $72 a share in cash and stock, a 29% premium to its Friday close. Shares, which have never traded above the offer price, surged 25% in recent trade to $69.84.

Backed by both boards, the proposed tieup must now garner the approval of shareholders and regulators. If approved, Eaton and Cooper will be combined under a new company incorporated in Ireland, as Cooper is now.

The new company, tentatively set to be called Eaton Global Corp., will be led by current Eaton Chief Executive Alexander M. Cutler.

"This compelling combination of Eaton's power distribution and power quality equipment and systems with Cooper's diversified component brands, global reach and international distribution creates a game changer to serve the electrical industry," Cutler said in a statement Monday.

Eaton expects the combination with Cooper will begin adding to its operating earnings by 2014 and lend to roughly $535 million in annual synergies by 2016.

Cooper, which manufactures electrical products such as lighting fixtures and fuses, has benefited from an industrial rebound, with an added boost from its acquisitions. It has also seen growth in utility markets, though the construction market has remained weak.

Eaton, meanwhile, last month reported a gain in first-quarter earnings that was helped by a strong performance in its electrical business in the Americas.

Shares of Eaton were recently down 28 cents to $42.12. Through the Friday close, the stock is down 2.6% since the start of the year.

--By Mia Lamar, Dow Jones Newswires; 212-416-3207; [email protected]

Stocks mentioned in the article : Eaton Corporation
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Financials ($)
Sales 2018 21 553 M
EBIT 2018 3 010 M
Net income 2018 2 281 M
Debt 2018 6 681 M
Yield 2018 3,32%
P/E ratio 2018 14,97
P/E ratio 2019 13,71
EV / Sales 2018 1,90x
EV / Sales 2019 1,79x
Capitalization 34 227 M
Income Statement Evolution
Consensus
 
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 87,5 $
Spread / Average Target 12%
EPS Revisions
Managers
NameTitle
Craig Arnold Chairman & Chief Executive Officer
Richard H. Fearon Vice Chairman, Chief Financial & Planning Officer
William W. Blausey Chief Information Officer & Senior Vice President
Ramanath Ramakrishnan Chief Technology Officer & Executive VP
Gerald Bernard Smith Independent Director
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