No sooner had the giant European industrial group ABB Ltd. announced that it hired a new chief executive than investment bankers from New York to Zurich began to speculate that ABB might want to acquire Milwaukee-based Rockwell Automation Inc.

"I'm sure they will have another look at Rockwell, absolutely sure they will," said James Stettler, an industry analyst in London with the Dresdner Kleinwort investment firm.

Investors have drawn up ABB-Rockwell takeover scenarios for nearly two years, arguing how well the two fit together. And Rockwell consistently has declared its intention to remain independent.

What has added new froth to the speculation this month is that ABB chose a CEO who commands first-hand knowledge of the Milwaukee economy as well as the industrial automation business.

In an announcement two weeks ago, ABB said it hired Joseph M. Hogan to run the entire Swiss-based engineering group, starting Sept. 1.

Since 2000, Hogan was CEO of GE Medical Systems, an international leader in imaging and diagnostic equipment that was based in Waukesha when Hogan came on board. With 45 to 50 acquisitions by his own count, Hogan expanded the division into biosciences, more than doubled its sales, moved its headquarters to London and changed the name to GE Healthcare.

Before Hogan ran the medical subsidiary of General Electric Co., he ran GE's North American automation systems group, giving him hands-on experience in the sector where Rockwell and its rivals operate.

Analysts also noted Hogan's reputation as a veteran dealmaker at GE, which compels its managers to learn to integrate new companies as well as acquire them. Hogan, 51, spent a total of 23 years at GE.

"You don't bring in someone like Joe Hogan to run ABB if you don't plan to make acquisitions. That's what he does," Stettler said.

Rockwell spokesman John Bernaden said the Milwaukee company would withhold comment on rumors, "especially regarding the potential actions or intent of other companies."

"We believe that the highest value for Rockwell Automation shareholders will be realized by Rockwell Automation remaining an independent company and executing our growth and performance strategy," Bernaden said.

In Zurich, however, ABB has made little effort to conceal its appetite for acquisitions and its huge cash reserves. When ABB made the July 17 announcement, it said Hogan would pursue an acquisition strategy but withheld specifics.

"It's a question of the right strategic decision," Hogan said in a conference call in response to a question about his acquisition priorities. "I wouldn't rule out big or small."

ABB broadly splits its operations into automation and power- generation equipment.

"The weak spot is automation systems in the United States," said Beat Fueglistaller, an industry analyst in Zurich at Bank Sal. Oppenheim Jr. AG, a Swiss banking group headquartered in the same city as ABB.