A PYMNTS Company

Sweden: US gov’t shutdown forced changes to manufacturer’s buyout plans

 |  October 8, 2013

Sweden-based manufacturer SKF said it has modified its plans to close the buyout of Kaydon Corp. due to the US government shutdown while announcing Tuesday it received approval from competition regulators in both the US and Germany.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The planned acquisition of Kaydon, based in Michigan, was made last month for $1.14 billion and received approval from the board of directors for both parties.

    The approvals came after SKF modified its plans by waiving the merger’s requirements that the US Committee on Foreign Investment clear the deal, due to the ongoing government shutdown. Despite the change, the company says it was not notified by regulators of any competition concerns and that it expects the deal to close within the fourth quarter.

    Full Content: Businessweek

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.