- Big 50
CLEVELAND (AP) — Diversified manufacturer Eaton Corp. said Monday that its pending acquisition of Cooper Industries PLC has received regulatory approvals from Chinese and European officials, putting it a step closer to closing.
The deal has now received all of its required regulatory approvals and been approved by the shareholders of both companies. It remains subject to customary closing conditions, Eaton said.
Eaton agreed in May to buy the Dublin, Ireland-based electrical components maker for about $11.46 billion, in a move designed to expand its reach in the global electrical power and distribution business.
Under the agreement, Eaton would acquire Cooper by forming a new holding company incorporated in Ireland, to be renamed Eaton Corporation plc.
Cleveland-based Eaton makes electrical and hydraulic components, systems and services. It also makes aerospace fueling, hydraulic and pneumatic systems for commercial and military use as well as vehicle drivetrain and powertrain systems.
Eaton shares rose 31 cents to $51.89 in morning trading. Its shares peaked for the past year at $53.06 in late February. They traded as low as $36.38 in mid-July.