CLEVELAND — Eaton Corporation (NYSE:ETN) announced that it has acquired 91 percent of the outstanding shares of Phoenixtec PowerCompany Ltd., a company listed on the Taiwan Stock Exchange.
The shares were tendered as part of Eaton’s recent tender offer for Phoenixtec. Eaton launched a tender offer to acquire Phoenixtec Power Company Ltd., on December 21, 2007, in Taipei,Taiwan. The offer price was NT $50 per share (US $1.54 per share). Eaton intends to take further steps to acquire all remaining shares. Assuming all outstanding shares are ultimately acquired, Eaton expects to pay a total purchase price, net of cash and debt on December 31, 2007, of $568 million for Phoenixtec.
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