29th Mar 2016 14:16
LONDON (Alliance News) - The UK Competition and Markets Authority on Tuesday said it has decided not to refer defence contractor Chemring Group PLC's acquisition of a business and assets of Wallop Defence Systems Ltd to a phase two investigation.
The CMA had invited comments on the transaction back in February, as it deliberated on whether or not Chemring's deal would weaken competition in any markets.
Chemring reached an agreement with Esterline Corp to buy patents, equipment, stock and selected contracts relating to its UK-based subsidiary, Wallop Defence Systems in November.
Shares in Chemring were up 5.2% at 132.50 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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