Parker wins EU antitrust nod for $8.2 bln Meggitt buy

U.S. engineering and aerospace group Parker-Hannifin on Monday won EU antitrust approval for its 6.3-billion-pound ($8.2 billion) planned acquisition of Britain's Meggitt after pledging to sell a factory in the United States.

U.S. engineering and aerospace group Parker-Hannifin on Monday won EU antitrust approval for its 6.3-billion-pound ($8.2 billion) planned acquisition of Britain's Meggitt after pledging to sell a factory in the United States. The European Commission said the remedy addressed its competition concerns, confirming a Reuters story on April 1.

"The remedy package offered by Parker will preserve competition in these markets and ensure that aerospace and defence customers have access to sufficient choice of component suppliers and will continue benefitting from competitive prices," the EU antitrust watchdog said in a statement. ($1 = 0.7683 pounds)