(News Bulletin 247) – Assa Abloy announced this weekend that it has reached an amicable agreement with the US Department of Justice (DoJ) regarding its plan to buy the industrial group’s equipment and home renovation activities diversified Spectrum Brands.
The Swedish locks giant says it plans to pursue, as agreed, the sale of Emtek, a manufacturer of high-end door handles, and its smart door opening subsidiary in the United States and Canada
This settlement will put an end to the legal proceedings that the American administration had brought against the group in a court in the District of Columbia.
As a result, the transaction should be finalized by the end of June at the latest, Assa said in a statement.
Assa Abloy had announced plans in September 2022 to acquire the hardware and home improvement businesses of Spectrum Brands for $4.3 billion, but the DoJ quickly signaled its intention to oppose the plan. .
Despite this announcement, Assa Abloy shares were down about 0.6% on Monday morning on the Frankfurt Stock Exchange. It has posted a gain of 9.75% since the start of the year, against an 11% gain for the OMX Stockholm index.
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