EU Extends Probe of United Technologies Bid for Goodrich
Stock Chart for Goodrich Corp (GR)
European Union regulators extended until Aug. 31 the deadline for their review of United Technologies Corp. (UTX)’s $16.5 billion bid for Goodrich Corp. (GR), the European Commission said in a filing on its website today.
The deadline was extended by the commission with the agreement of the companies, said Antoine Colombani, a spokesman for the Brussels-based regulator. He didn’t elaborate on the reason for the delay.
“Both sides, commission and parties, have agreed to extend the deadline by 15 working days,” Colombani said in an e-mail.
UTC, which has aviation brands including Sikorsky helicopters and Pratt & Whitney engines, agreed to buy Goodrich in September, adding a maker of aircraft landing gear and jet- turbine casings to take advantage of a record surge in commercial plane orders.
The EU’s antitrust agency opened an in-depth probe in March because there were “potential competition concerns” over the company’s “very high combined market shares” for engine controls and AC power generators, it said at the time. It also cited possible problems over aftermarket services and the removal of Goodrich as an independent supplier of fuel nozzles and engine controls.
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