(Alliance News) Parker-Hannifin Corp announced on Monday its proposed GBP6.3 billion takeover of Meggitt PLC has been cleared by European regulatory authorities.
Parker-Hannifin said the acquisition of Coventry, England-based aerospace components maker Meggitt has been cleared by the European Commission, on a conditional basis. Parker must comply with certain commitments, including the divestment of its Ohio-based Aircraft Wheel & Brake division.
The divestment has already begun, Parker said.
It also announced unconditional approval of the deal from competition authorities in Australia, Singapore, Saudi Arabia, Denmark, Germany, Italy and Turkey.
In late September, Meggitt shareholders backed the deal almost unanimously.
Parker still expects the acquisition to complete in the third quarter of this year, as previously announced.
Meggitt shares closed down 0.3% to 766.86 pence each in London on Monday.
The takeover is still awaiting developments in the investigation being conducted by the UK Competition & Markets Authority, after the UK government referred the deal to the competition regulator on national security grounds.
The CMA submitted its report to the UK's Department for Business, Energy & Industrial Strategy on March 18, which will decide whether the transaction is deemed to be against the public interest.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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