Crane Co., a diversified manufacturer of highly engineered industrial products, announced that the European Commission has extended its initial review period to rule on the planned acquisition of MEI Conlux from July 5 to July 19, following proposals submitted by Crane Co. to address antitrust concerns. The company stated that the commission is focused on two product lines in the European market, and the company is engaged in discussions with the commission regarding potential remedies that would affect less than 10 percent of the aggregate sales of the combined businesses. The company remains hopeful that these issues will be favorably resolved in the initial review period.
Crane Co. also stated that the staff of the U.S. Federal Trade Commission has not indicated any significant concerns with the proposed transaction, and the company anticipates that the FTC will clear the transaction under the Hart-Scott-Rodino Act in the near future. The company also stated that the Ukraine competition authority has approved the transaction.