U.S. sues to block $4.3 bln deal between Assa Abloy and U.S. rival (updated)

Spectrum Brands Holdings

15/09/2022 16:03

(Adds detail on DOJ suit)
    WASHINGTON, Sept 15 (Reuters) - 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 Holdings Inc
 SPB.N  that makes residential door hardware, the department
said in a statement on Thursday which said the deal could lead
to higher prices for consumers.
    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.
    "Competition between these two companies, which are two of
the three largest companies in an already concentrated industry,
has benefited American consumers in the form of lower prices and
better quality," said Assistant Attorney General Jonathan Kanter
of the Justice Department’s Antitrust Division in a statement.
    The complaint was filed in the U.S. District Court for the
District of Columbia.

 (Reporting by Diane Bartz and Doina Chiacu; Editing by Paul
Grant and Nick Zieminski)
 ((doina.chiacu@thomsonreuters.com; 202-898-8322;))