China conditionally approves UTC takeover of Goodrich
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China conditionally approves UTC takeover of Goodrich

www.reuters.com   | 15.06.2012.

BEIJING (Reuters) - China on Friday granted conditional approval to U.S. conglomerate United Technologies Corp's $16.5 billion takeover of aircraft parts maker Goodrich Corp, saying Goodrich needed to divest or sell parts of some businesses.
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Goodrich will have to divest its electrical power generation and transmission systems businesses and should sell 60 percent of Aerolec, a joint venture with Thales Avionics, within six months, China's Commerce Ministry said on its website.

The European Commission is also currently examining the deal, UTC's biggest in a decade, with which it aims to build critical mass in new aircraft technology and plane services to take advantage of a recovery in civil aviation demand.

UTC has offered to sell undisclosed assets to secure EU regulatory approval of the takeover.

The Commission, which has set an August 31 deadline for a decision on the deal, is expected to discuss the proposed concessions with rivals and customers of United Tech and Goodrich.

United Technologies' products include Pratt & Whitney engines and Sikorsky helicopters and the company is a top player in aircraft landing gear.

(Reporting by Beijing Newsroom; Editing by Ken Wills and Edwina Gibbs)



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