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Emerson withdraws $29B offer to buy Rockwell Automation

(Bloomberg) -- Emerson Electric Co. withdrew its $29 billion proposal to acquire Rockwell Automation Inc., citing the target’s “continued unwillingness to engage in discussions about a potential combination.”

David Farr, chairman and chief executive officer of Emerson Electric Co., speaks during the Michigan CEO Summit in Detroit, Michigan, U.S. Photographer: Jeff Kowalsky/Bloomberg

Rockwell last week rejected a third takeover offer from Emerson, saying the sweetened bid didn’t outweigh the risks in bringing together the factory-robot specialists.