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Parker offers remedies in bid for EU clearance of $8.3bln Meggitt deal

Published 21/03/2022, 11:01
© Reuters.

BRUSSELS (Reuters) - U.S. engineering and aerospace company Parker-Hannifin has offered remedies to try to secure EU antitrust approval for its 6.3 billion pound ($8.3 billion) bid for British rival Meggitt (LON:MGGT), a European Commission filing showed on Monday.

Parker put in its offer on Friday.

The EU competition enforcer, which did not provide details in line with its policy, extended its deadline for a decision to April 11 from March 28.

It is expected to seek feedback from rivals and customers before deciding whether to clear the deal, demand more or open a four-month long investigation.

Meggitt's customers include Boeing (NYSE:BA) and Airbus. It also supplies wheel and brake systems for military fighter programmes.

($1 = 0.7610 pounds)

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