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Crane Co. Wins Conditional EU Approval for MEI Conlux Deal

July 19 (Bloomberg) -- Crane Co., the maker of plane parts, pumps and composite materials, won European Union antitrust approval to buy MEI Conlux Holdings (U.S.) Inc. for about $820 million to add machines for handling bank notes.

The clearance is conditional upon the divestment of a banknote recycler and acceptor product line in Canada and a coin changer product line Germany, the European Commission said in an e-mailed statement.

Crane also pledged not to close the acquisition before it reaches a binding agreement for the sale of the divestment businesses to a suitable purchaser approved by the EU’s antitrust authority, according to the commission.

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To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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