29th Nov 2021 13:46
Babcock International Group PLC - London-headquartered aerospace and defence contractor - The UK Competition & Markets Authority decides to refer CHC Group LLC's acquisition of Babcock's oil & gas aviation unit to a phase two probe.
The CMA had decided earlier in November that the merger may reduce competition, and so the regulator gave CHC until Thursday last week to submit proposals to remedy its concerns.
CHC informed the CMA on that day that no undertakings will be forthcoming, so the regulator has referred the merger for a phase two investigation. Both CHC's oil and gas offshore helicopter business and the unit sold by Babcock take workers to and from rigs in the North Sea.
Current stock price: 311.60 pence, up 1.4% on Monday
Year-to-date change: up 11%
By Tom Waite; [email protected]
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