Oilfield services giant Baker Hughes (BKR.US) has submitted a set of proposed remedies to European Union regulators in an effort to secure antitrust approval for its $13.6 billion acquisition of Chart Industries (GTLS.US).
Documents released by the European Commission on Monday confirmed this development. The EU's competition watchdog did not disclose the specifics of the proposed remedies, as is standard practice, but set a deadline of July 10 for its final decision.
It is understood that the Commission will first solicit feedback from customers and competitors of the two companies before deciding whether to accept the remedy package, request further additions, or—should significant concerns remain—launch a full, four-month in-depth investigation.
Baker Hughes announced the deal in July of last year, aiming to strengthen its industrial technology services capabilities in the liquefied natural gas and data center sectors, while integrating the combined industrial and energy technology portfolios of both firms.
Chart Industries specializes in industrial equipment such as valves and gas/liquid molecule processing and measurement devices, operating 65 production facilities and more than 50 service centers worldwide.
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