United Technologies, Raytheon Offer EU Concessions Over $120B Merger Deal

United Technologies and Raytheon have offered concessions to address EU antitrust concerns about their plan to create a US$120 billion US aerospace and defense giant, reported Reuters.

The companies submitted their concessions on Friday, February 21. The European Commission, which did not provide details in line with its policy, extended its deadline for a decision to March 13 from February 28. 

In January, UTC agreed to divest a military-focused GPS unit from its subsidiary Collins while Raytheon agreed to sell an airborne tactical radios unit to British defense company BAE Systems in a bid to win regulatory clearance. 

The EU competition watchdog will now seek feedback from rivals and customers before deciding whether to clear the deal, demand more concessions or open a full-scale investigation.

Full Content: Reuters

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