China Says Conditionally Backs United Technologies, Goodrich Deal
June 15 2012 - 3:54AM
Dow Jones News
BEIJING--China's Commerce Ministry said Friday that it has
approved United Technologies Corp.'s (UTX) proposed acquisition of
Goodrich Corp. (GR), on the condition that Goodrich divest some of
its power supply operations.
Goodrich must divest some of its power supply operations at
Pitstone in the UK and at Twinsburg, U.S., the ministry said in a
statement on its website. Goodrich must also divest the 60% stake
it holds in a joint venture with Thales, it said.
European regulators in late March opened an in-depth antitrust
investigation into United Technologies Corp.'s proposed $16.5
billion acquisition of Goodrich Corp., citing concerns that the
deal could undermine competition in the aviation-equipment sector.
The commission has until Aug. 9 to decide whether to halt or to
allow the combination.
The merger is expected to close in mid-2012.
-Write to Liyan Qi at liyan.qi@dowjones.com
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