November 23, 2012 / 2:55 PM / 6 years ago

Eaton's $11.8 billion bid for Cooper Industries approved in EU

BRUSSELS (Reuters) - U.S. industrial manufacturer Eaton Corp (ETN.N) secured EU regulatory approval on Friday for its $11.8 billion takeover of U.S. electrical equipment maker Cooper Industries Plc CBE.N.

The deal, Eaton’s biggest ever, will expand the company’s range of electrical products, such as lighting and wiring devices, to markets ranging from mining to oil and gas and utilities. It will also boost its presence in emerging markets.

The European Commission said in a statement that the proposed deal would not hurt competition in Europe.

“The Commission’s investigation confirmed that following the transaction customers in the electrical components industry will continue to have alternative electrical products suppliers,” the EU competition watchdog said.

Reporting by Foo Yun Chee; editing by Robert-Jan Bartunek

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