Crane Co is a diversified manufacturer of highly engineered industrial products. Today, the company announced that the European Commission has extended its initial review period for the Crane's acquisition of MEI Conlux. This was to address antitrust concerns from the proposal of Crane Co. The initial review period was moved to close on July 19 from the previous July 5.
The company stated that the Commission is focused on two product lines in the European market. It had also engaged in talks with the European Commissions for possible remedies that would affect less than 10% of the aggregate sales of the combined businesses. Crane Co is hoping that the Commission will resolve the initial period and set a favorable decision.
Crane Co said that the staff of the US Federal Trade Commission (FTC) has not indicated any concerns with the company's proposed transaction. The company anticipated that the FTC would clear the deal under the Hart-Scott-Rodino Act in the future. The company also stated that the Ukraine competition authority has approved the acquisition deal.
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