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ETN - Eaton News Story

$147.52 1.1  0.7%

Last Trade - 07/05/21

Sector
Industrials
Size
Large Cap
Market Cap £42.07bn
Enterprise Value £48.45bn
Revenue £12.71bn
Position in Universe 217th / 6858

Danfoss wins conditional EU okay for $3.3 bln buy of Eaton's hydraulic unit

Thu 18th March, 2021 1:10pm
BRUSSELS, March 18 (Reuters) - EU antitrust enforcers
cleared on Thursday Danfoss' $3.3 billion acquisition of Irish
power management company Eaton's  ETN.N  hydraulic business
after the Danish industrial company agreed to sell some units to
address competition concerns.
    Danfoss and Eaton, leading players in the global hydraulic
components market, announced the deal in January last year. [
nL4N29Q4LH]
    The European Commission said Danfoss' concessions will allay
concerns that the deal may push up prices and reduce
competition.
    Danfoss will sell some businesses in Germany, Poland and the
United States, while some Eaton production lines of certain
components will be transferred to the U.S. facility due to be
sold off. Key technologies will also be transferred.

 (Reporting by Foo Yun Chee)
 ((foo.yunchee@thomsonreuters.com; +32 2 287 6844; Reuters
Messaging: foo.yunchee.thomsonreuters.com@reuters.net))
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