Emerson Electric Co. (NYSE:EMR) has agreed to sell its remaining stake in the Copeland joint venture (formerly Emerson Climate Technologies) for about $3.5 billion. The deal includes pre-tax cash proceeds of $3.4 billion after accounting for releasing $0.1 billion in future indemnity obligations. Private equity funds managed by Blackstone Inc. (NYSE:BX) will acquire Emerson’s 40% common equity stake in the joint venture, and Copeland will repurchase the seller’s note. Emerson’s Board of Directors has unanimously approved the sale, expected to close in the second half ...