EC clears an $8.2 Billion Aerospace Acquisition

The European Commission (‘EC’) cleared Parker-Hannifin’s, US engineering and aerospace group, $8.2 Billion acquisition of Meggitt, a British aerospace company, saying “The remedy package offered by Parker will preserve competition in these markets and ensure that aerospace and defense customers have access to sufficient choice of component suppliers and will continue benefiting from competitive prices”. As a remedy, for the acquisition, Parker-Hannifin will be divesting one of its factories in the US whose activities overlap with Meggitt.