EU: Commission greenlights Berkshire’s $37B aerospace buy

In a statement released on Wednesday, European competition authorities have approved Berkshire Hathaway Inc.’s $37.2 billion acquisition of aerospace and industrial metal parts manufacturer Precision Castparts Corp.

The EC’s ruling found limited overlap and minimal vertical relationships between the two companies, judging that the deal would likely “not raise competition concerns.”

Berkshire Hathaway, led by billionaire investor Warren Buffet, unveiled the $235 per share cash deal for Precision Castparts’ outstanding shares last August. Precision Castparts praised the deal as an opportunity to operate under the management and investment philosophy of Buffet, hoping to improve the company’s position in the future.

Aside from European competition regulators, Precision Castparts has said it was still waiting for clearance from authorities in Canada, China, France, Turkey and Ukraine.The deal has already been approved by Precision Castparts’ shareholders and is expected to close in early 2016.

Full content: Reuters

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