Plessey Backs GEC, Siemens Bid: Plessey Co....

Plessey Backs GEC, Siemens Bid: Plessey Co. gave up its nine-month fight against a $3.14-billion takeover bid by London-based General Electric Co. PLC and Siemens AG of West Germany, and advised its shareholders to accept the offer. The recommendation came after GEC and Siemens announced that they controlled 50.4% of Plessey, a British electronics concern.