United Tech (NYSE:UTX)
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1 Year : From May 2012 to May 2013
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.
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