Schneider Electric, the French electrical equipment maker, has agreed to pay $562m (€462m) in cash for BEI Technologies, a rival from the US. It is the firm's ninth acquisition above €100m ($121.5m) in four years and the sixth on which Merrill Lynch advised.

Schneider has offered $35 per share, a 17% premium to the BEI's closing share price of $29.25 on Thursday. The deal includes $29m of debt.

Schneider calls in Merrill Lynch for $562m electricity deal

Caroline Meehan

Schneider Electric

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