Factbox: US deals blocked by regulators or facing intense scrutiny

Avangrid

14/11/2024 16:47

Nov 14 (Reuters) - Tapestry  TPR.N  abandoned its $8.5
billion bid for Michael Kors owner Capri  CPRI.N  after a judge
blocked it following a lawsuit by the U.S. Federal Trade
Commission (FTC), in the latest regulatory squeeze under the
Biden administration.
    Here are other deals that have been terminated or face
regulatory scrutiny:
    
    DEALS THAT HAVE BEEN TERMINATED
    
 DEAL        DEAL VALUE   CONTEXT
 JetBlue-Sp  $3.8         JetBlue Airways  JBLU.O  and Spirit
 irit        billion      Airlines  SAVE.N  scrapped their
 Airlines                 $3.8-billion merger agreement in
                          March 2024, with the low-cost
                          carriers saying there was no path
                          forward after a U.S. judge blocked
                          the deal in January on
                          anti-competition concerns.
 Avangrid    $8.3         Iberdrola's U.S. unit Avangrid Inc
 Inc-PNM     billion       AGR.N  said in January 2024 it had
 Resources                terminated its planned $8.3 billion
                          acquisition of rival PNM Resources
                           PNM.N , because it could not get
                          all the necessary regulatory
                          approvals to close the deal by Dec.
                          31, 2023.
 
    DEALS THAT ARE UNDER SCRUTINY
    
 DEAL        DEAL VALUE   CONTEXT
 UnitedHeal  $3.3         The U.S. Department of Justice and
 th          billion      three U.S. states filed a lawsuit in
 Group-Amed               November 2024 to block UnitedHealth
 isys Inc                 Group's  UNH.N  $3.3 billion
                          acquisition of Amedisys Inc  AMED.O ,
                          citing concerns that the deal would
                          reduce competition in the home health
                          services market.
 Capital     $35.3        New York Attorney General Letitia
 One-        billion      James is investigating whether
 Discover                 Capital One's  COF.N  proposed $35.3
 Financial                billion takeover of Discover
 Services                 Financial Services  DFS.N  violates
                          the state's antitrust law, the state
                          said in October 2024. 
 Kroger-     $25 billion  The trial where U.S. anti-trust
 Albertsons               regulators made their case to block
                          Kroger's  KR.N  $25 billion bid to
                          buy rival grocer Albertsons  ACI.N 
                          concluded in September 2024, but the
                          deal's legal challenges remain, with
                          two more trials to hear complaints
                          that the merger could jack up grocery
                          bills.
 Nippon      $14.9        Nippon Steel's  5401.T  $14.9 billion
 Steel-U.S.  billion      bid for U.S. Steel  X.N  has faced
 Steel                    opposition by both newly elected
                          President Donald Trump and the
                          outgoing Biden administration. A top
                          Nippon Steel executive and U.S.
                          Steel's CEO met with senior U.S.
                          officials in September in an effort
                          to salvage the deal. 
 Tempur      $4 billion   The U.S. Federal Trade Commission
 Sealy                    said in July 2024 it would sue to
 Internatio               block the $4 billion merger between
 nal-                     mattress manufacturer Tempur Sealy
 Mattress                 International Inc  TPX.N  and
 Firm                     retailer Mattress Firm. Tempur Sealy
                          now expects to close the deal later
                          this year or early 2025.
    

 (Reporting by Ananta Agarwal in Bengaluru; Editing by Sriraj
Kalluvila)
 ((Ananta.agarwal@thomsonreuters.com;))