- Parker-Hannifin (NYSE:PH) is set to gain EU antitrust clearance for its $8.3 billion bid for Britain's Meggitt plc (OTC:MEGGF) after offering to sell a U.S. factory to address competition concerns, Reuters reported, citing people familiar with the matter.
- Related: Parker-Hannifin To Acquire Meggitt For ~£6.3B
- The report noted that PH submitted its offer to the European Commission last month, and the EU competition watchdog then sought feedback from rivals and customers.
- Related: Parker-Hannifin Offers Remedies In Bid For EU Clearance Of Meggitt Deal: Reuters
- Britain is probing the transaction, the latest by a U.S. buyer of a British firm, over national security concerns as Meggitt's customers include Boeing Co (NYSE:BA), Airbus SE (OTC:EADSY), Britain's Ministry of Defence (MoD) and Rolls-Royce Holdings PLC (OTC:RYCEY).
- The European Commission is scheduled to decide on the deal by April 11.
- The report quoted a Parker-Hannifin spokesperson saying, "We have been engaging with relevant authorities to obtain regulatory approvals and can confirm that we are in discussions about potential remedies with the European Commission. We continue to expect that the transaction will close during Q3 2022. Otherwise, it's not appropriate for us to comment further on the regulatory processes."
- Also Read: Sikorsky-Boeing Picks Parker Aerospace For DEFIANT X FLRAA Entrant
- Price Action: PH shares are trading lower by 0.71% at $281.75 on the last check Friday.
