Schneider gains EU approval for $5.6 bln Invensys buy
BRUSSELS Nov 29 (Reuters) - French electrical gear maker Schneider Electric secured European Union regulatory approval on Friday for its 3.4-billion-pound ($5.56 billion) acquisition of British engineering company Invensys.
The deal, announced in July, will reinforce Schneider's high-margin industrial automation business and its presence in the fast-growing energy industry.
The European Commission said in a statement that the takeover would not pose any competition concerns.
"The activities of the two companies are complementary and the merged entity would continue to face several strong competitors in the affected markets," the EU antitrust authority said.
- Police hunt for motive as search for Malaysian jet spans hemispheres |
- Crimeans vote over 90 percent to quit Ukraine for Russia |
- Ukraine, Russia agree Crimea truce until March 21-Ukraine minister
- 'Good night': Haunting final contact from missing Malaysian jet |
- Malaysian PM says lost airliner was diverted deliberately |