A PYMNTS Company

US: DoJ files antitrust lawsuit against Parker-Hannifin takeover

 |  September 26, 2017

The US Justice Department has filed an antitrust lawsuit challenging Parker-Hannifin’s deal to buy Clarcor a source familiar with the situation said on Tuesday.

The government sued in Delaware federal court over the transaction, announced in late 2016 and closed at the end of February, saying that the deal would lead to higher prices by eliminating the head-to-head competition for the systems.

Parker-Hannifin, whose motion and control systems are used in a variety of industries, announced the deal to buy Clarcor for about US$4.3 billion, including debt, in December.

Full Content: Wall Street Journal

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