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.

On a per-share basis, the U.S. conglomerate agreed to pay EUR117 ($143), above Cinven's offer of EUR70, made at the end of March. Sperian's top three shareholders each have signaled support for Honeywell's offer.

A representative from Cinven wasn't immediately available to comment.

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 and expand its line of workplace safety products and global distribution channels.

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. It already has received unanimous approval of Sperian's board, and the company's two largest shareholders--French ophthalmic lens maker Essilor SA (EI.FR) and honorary chairwoman Ginette Dalloz--have agreed to sell their stakes.

Essilor owns 15%, and Dalloz has 13%, suggesting Honeywell is almost halfway to its 57% goal.

In addition, shareholder Governance for Owners, which reportedly had questioned the Cinven deal, issued a press release Wednesday saying it "welcomes" Honeywell's offer.

Several minority Sperian shareholders had complained that Cinven's bid price was too low, despite an initial statement from Sperian that it was a friendly deal.

The Honeywell deal, expected to close in the third quarter, will cut the company's earnings by 4 cents a share in 2010 and add to earnings in 2011, though Honeywell didn't change its earnings guidance. In April, the conglomerate projected 2010 per-share earnings between $2.30 and $2.45.

Honeywell shares slid 2.6% to $43.56 amid a broader market selloff.

-By Melissa Korn, Dow Jones Newswires; 212-416-2271; melissa.korn@dowjones.com

(Tess Stynes and Doug Cameron contributed to this article.)
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