China conditionally approves UTC takeover of Goodrich
BEIJING (Reuters) - China on Friday granted conditional approval to U.S. conglomerate United Technologies Corp's $16.5 billion takeover of aircraft parts maker Goodrich Corp, saying Goodrich needed to divest or sell parts of some businesses.
Goodrich will have to divest its electrical power generation and transmission systems businesses and should sell 60 percent of Aerolec, a joint venture with Thales Avionics, within six months, China's Commerce Ministry said on its website.
The European Commission is also currently examining the deal, UTC's biggest in a decade, with which it aims to build critical mass in new aircraft technology and plane services to take advantage of a recovery in civil aviation demand.
UTC has offered to sell undisclosed assets to secure EU regulatory approval of the takeover.
The Commission, which has set an August 31 deadline for a decision on the deal, is expected to discuss the proposed concessions with rivals and customers of United Tech and Goodrich.
United Technologies' products include Pratt & Whitney engines and Sikorsky helicopters and the company is a top player in aircraft landing gear.
TOKYO - Asian stocks slid on Monday and the dollar stepped back from its recent highs as disappointing Chinese trade data and uncertainty over the crisis in Ukraine kept risk appetite in check.
- U.S. small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy despite a spate of cold weather that has been blamed for weakness in many other indicators of activity.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.