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UK competition watchdog looks into Meggitt sale

20th October 2021 - 10:55 GMT | by The Shephard News Team

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Meggitt makes composite components for military aircraft such as the F-35. (Photo: Meggitt)

Pending acquisition of Meggitt by Parker-Hannifin is subject to review.

The UK government announced on 18 October that it has referred the planned acquisition of Meggitt by Parker-Hannifin to the Competition and Markets Authority (CMA).

The CMA is required to report to the Secretary of State for Business, Energy and Industrial Strategy by 18 March 2022.

‘Meggitt continues to expect that the acquisition will complete in the third quarter of 2022,’ the UK company announced in a 19 October statement.

The acquisition of Meggitt would cost about £6.3 billion ($8.76 billion), Shephard reported in August when the deal was announced.

Under the National Security and Investment Act, which enters into UK law in January 2022, the government has enhanced powers to investigate and where necessary intervene in defence-related mergers, acquisitions and other transactions.

A bid from US-owned Cobham for Ultra Electronics, announced in July 2021, is also being investigated by the UK government.

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