Business Services Industry
European Regulators Approve United Technologies' Plan to Buy Chubb.
Knight Ridder/Tribune Business News, July, 2003
The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Jul. 23--European trade regulators announced Tuesday they will not object to United Technologies Corp.'s purchase of Chubb PLC, the London-based provider of security and fire protection services.
Directors of the two companies agreed last month on a takeover valued at about $1 billion in cash, or $1.23 for each Chubb share. Hartford-based UTC also agreed to assume Chubb debt estimated at about $934 million.
The European Commission consented to the purchase under its simplified antitrust procedure. That process clears merger proposals after one month if no objections are raised by third parties.
UTC said it has commitments for more than 50 percent of Chubb stock,...
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