U.S. Senator Warren urges FTC to stop L3Harris deal to buy Aerojet (updated)

Aerojet Rocketdyne Holdings

27/01/2023 19:14

(Adds background on deal, quote, details from Warren)
       WASHINGTON, Jan 27 (Reuters) - U.S. Senator Elizabeth
Warren, who has expressed concern about a broad range of
corporate consolidation, wrote to the U.S. Federal Trade
Commission to urge it to oppose U.S. defense contractor L3Harris
Technologies'  LHX.N  deal to buy Aerojet Rocketdyne Holdings
Inc  AJRD.N , her office said.
    L3Harris had announced the planned acquisition in
mid-December, saying it would buy Aerojet for $4.7 billion in
cash as it looks to tap into rising demand for missiles amid the
Ukraine conflict.  urn:newsml:reuters.com:*:nL4N3392UY It has said that it expects to
complete the deal this year.
    Warren said the deal was the latest buy in decades of
consolidation among defense contractors.
     "This deal between Aerojet and L3Harris would reduce
competition in the shrinking defense industry to a new low, and
I encourage the FTC to oppose this dangerous transaction," she
said in the letter to FTC Chair Lina Khan and Commissioners
Alvaro Bedoya and Rebecca Slaughter. All are Democrats.
    The letter is dated Thursday.
 (Reporting by Diane Bartz; Editing by Mark Porter and Angus
MacSwan)
 ((Diane.Bartz@thomsonreuters.com; 1 202 898 8313;))