Emerson withdraws $29B offer to buy Rockwell Automation

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(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.”

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.

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