Stanley cuts a deal to merge with its rival Black & Decker

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Stanley Works, the name behind the knife, is to merge in an all-share deal with its rival Black & Decker for $4.5 billion (£2.7 billion).

Stanley shareholders are to own around 50.5% of the enlarged company, which will be renamed Stanley Black & Decker. Prior to what is expected to be a major cost-cutting programme to shed $350 million of annual costs the two American companies employ 40,000 workers and have total revenues of $8.7 billion.

"This is a unique opportunity to bring together two great companies, each with first-rate brands, and provide enhanced opportunities to generate superior returns as we build on this new, larger platform," said Stanley chairman John Lundgren, who will be chief executive.