Recently, the European Union has approved the acquisition of U.S. universal cable by the Italian Prysmian Group. This is very big action in Cable industry ,this 2 company are both top 5 brand in the world ,create a Powerful combination !
Both companies are actively involved in the development, manufacture, and supply of cables for the energy and telecommunications industries.
The European Union investigated the overlapping activities of the two sides in optical fiber, general wiring and different voltage cables, including submarines and underground applications.
The EU believes that the proposed acquisition will not cause competition concerns because some strong competitors will remain in the market after the transaction.
In March of this year, Prysmian stated that the waiting period for the proposed Hart-Scott-Rodino Antitrust Improvement Act for the acquisition of Universal Cable Corporation will expire on March 7, 2018. This means that the transaction has been approved by the U.S. antitrust agency.
Recently, when GM Cable announced its first-quarter financial report, it also stated that the regulatory approval process related to the merger of Prysmian is advancing. It is expected that the merger will be completed in the third quarter of 2018, but may receive approval from other regulatory authorities and meet other requirements.
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