Spectrum Brands hits two-year low as DoJ sues to block $4.3 bln deal with Assa Abloy

Spectrum Brands Holdings

15/09/2022 16:22

** Shares of Spectrum Brands Holdings  SPB.N  fall ~10% to
$52.88, lowest since July 2020
    ** The U.S. Justice Department has sued to block a
$4.3-billion deal by Assa Abloy AB  ASSAb.ST  to buy a division
of Spectrum Brands that makes residential door hardware, the
department said in a statement  urn:newsml:reuters.com:*:nL1N30M1J7
    ** The department said that Assa Abloy and Spectrum's
Hardware and Home Improvement division could mean higher prices
and reduced innovation for homeowners who want to buy premium
mechanical door hardware or smart locks
    ** Spectrum Brands shares were halted before the news 
    ** Stock down ~30% since the firm lowered its FY sales
growth forecast  urn:newsml:reuters.com:*:nL4N2ZO38U
    ** Stock down 48% so far this year after three consecutive
years of double-digit gains

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))