Emerson Electric Co. said on Friday that it has purchased a 19% stake of U. K.-based Chloride Group PLC. on the open market, as the other suitor for the corporation, took a step back from placing its bid to acquire shares in the firm.

Emerson's announcement came hours after Chloride said that its board would suggest investors to accept Emerson's tender of 375 pence a share, or $1.5 billion in total.

The most recent offer, made on Tuesday, trumped a preceding $1.2 billion offer from Swiss engineering giant, ABB Ltd., a bid, which had the support coming from Chloride's board. But ABB, on Thursday took back its offer.

Chloride is a manufacturer of uninterruptible power supply systems that supply emergency power when the normal power source flops.

St. Louis-based Emerson, which is the maker of electrical products and appliances, said in May that its financial second-quarter proceeds increased on stronger margins, while organic sales sank.

Shares dropped by 0.4% in recent trading to $43.29. The stock had jumped up by 36% in the preceding year.

The company employs 2,300 people in 15 nations, of which 374 are situated in the UK.

It rejected Emerson in May 2008, but the Missouri-based Corporation came back with another approach valued at £723 million in April of this year.