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Manitowoc Co. won an auction to buy Enodis Plc with a bid of 1.21 billion pounds (approx. US$2.41 billion), beating out Illinois Tool Works Inc.
Enodis has agreed to recommend Manitowoc's offer. The acquisition will yield savings of about $80 million a year by 2010, Manitowoc said. The company said the purchase will add to its earnings in 2009 and produce a positive return in excess of cost of capital in 2011. The transaction is likely to be completed in the fourth quarter, the company said.
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