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Meggitt PLC - Coventry, England-based aerospace components maker - Sells Meggitt AS, a manufacturer of high performance piezoelectric ceramic components for medical and industrial applications, to CTS Ceramics Denmark AS for £59 million. ‘The disposal is consistent with Meggitt's strategy of developing sustainable and differentiated technologies for its core end markets in aerospace, defence and energy and follows a number of disposals over the last four years,’ it says.
On Monday, Parker-Hannifin Corp announced its proposed £6.3 billion takeover of Meggitt was cleared by European regulatory authorities. Parker still expects the acquisition to complete in the third quarter of this year, as previously announced.
The takeover is still awaiting developments in the investigation being conducted by the UK Competition & Markets Authority, after the UK government referred the deal to the competition regulator on national security grounds. The CMA submitted its report to the UK's Department for Business, Energy & Industrial Strategy on March 18, which will decide whether the transaction is deemed to be against the public interest.
Current stock price: 769.00 pence
12-month change: up 62%
By Lucy Heming; lucyheming@alliancenews.com
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