BUZZ-Emerson rises on offer to buy rest of AspenTech in $15 bln deal

Reuters
06 Nov 2024

(Updates)

** Shares of Emerson Electric rise 6.72% to $117

** EMR offers to buy rest of AspenTech it does not own for $15.1 bln, as the company looks to sharpen its focus on industrial automation

** Company says it expects 2025 per share profit to be between $5.85 and $6.05, above analysts' average estimate of $5.89, according to data compiled by LSEG

** EMR adds that it is starting to explore strategic alternatives, including cash sale, for its safety & productivity unit

** Company announces it will buy back about $2 bln of its common stock in FY25

** "We believe the company's discipline in business planning will allow it to navigate through market challenges" - brokerage Edward Jones

** Up to last close, stock up 13% YTD

(Reporting by Anshuman Tripathy in Bengaluru)

((Anshuman.Tripathy@thomsonreuters.com;))

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