DOW JONES NEWSWIRES
Honeywell International Inc. (HON) announced plans to acquire
Sperian Protection SA (SPRXF, SPR.FR) for $1.4 billion, scuttling
the deal U.K. buyout firm Cinven (CVN.YY) had reached to buy the
French personal-protection equipment company.
The U.S. conglomerate has agreed to pay EUR117 ($143) a share to
French ophthalmic lens maker Essilor SA's (EI.FR) and Ginette
Dalloz. They own 15% and 13% of Sperian, respectively. Honeywell
will proceed with the takeover if it gets regulatory clearance and
57% of Sperian's shares outstanding are tendered in favor of the
deal. With the support of Essilor and Dalloz, the company is
halfway there.
Cinven, at the end of March, reached a deal to pay EUR70 a
share.
Honeywell plans to combine the maker of workplace safety
equipment ranging from protective clothing to respiratory
protection with its automation and controls safety unit. The
conglomerate expects the combination to produce significant cost
savings, expand its line of workplace safety products and global
distribution channels.
Honeywell shares were recently down $1.02, or 2.3%, to
$43.70.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com;