Hats off to Chloride's management

Let's have another look at Emerson Electric's initial approach in April to Chloride : the one pitched at £723m, or 275p a share. "Emerson feels that a cash offer at this level provides compelling value for Chloride shareholders," it boasted. What a load of guff. Emerson improved its terms to £997m, or 385p a share, at which point the revised rhetoric about "very attractive" terms carries weight. Even now, though, the bidding not be over. ABB, the rival bidder, is free to return with improved terms in the next few days. Hats off to Chloride's management: they have generated the hottest auction since the battle for P&O Ports in 2006. In the current investment climate, that's quite an achievement.