Black & Decker shareholders give nod to merger

Black & Decker Corp. shareholders today approved a $4.5 billion merger with New Britain-based Stanley Works , the Baltimore Business Journal reports.

The Stanley Works board of directors also voted to add six board members of Black & Decker to be on its board. Black & Decker's current CEO Nolan D. Archibald will become chairman of the company once the acquisition is complete.

Other designees include: Benjamin H. Griswold IV, 69; George W. Buckley, 63; M. Anthony Burns, 67; Manuel A. Fernandez, 63 and Robert L. Ryan, 66.

The deal also won regulatory approval today from the European Commission.

Stanley Works agreed to buy its rival Black & Decker Corp. in November, a move that will ultimately unite two of the industry's most iconic brands and create the largest U.S. toolmaker.

Stanley shareholders will own about 50.5 percent of the combined company, which will be called Stanley Black & Decker. Black & Decker shareholders will hold a 49.5 percent stake after the all-stock deal is complete.

Black & Decker has 22,100 workers. Stanley Works has 18,200 workers. The combined company's corporate headquarters will remain in Connecticut while its power tool division will remain headquartered in Maryland.