Reuters: Regulatory News: ABB buy of Thomas & Betts cleared in EU

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ABB buy of Thomas & Betts cleared in EU May 11th 2012, 14:02 BRUSSELS | Fri May 11, 2012 10:02am EDT BRUSSELS May 11 (Reuters) - Swiss engineering group ABB secured EU approval on Friday to purchase U.S. electrical components maker Thomas & Betts for $3.9 billion, as EU regulators said they did not see any anti-competitive effects resulting from the deal. ABB unveiled the deal in January, saying the acquisition would open up a potential U.S. market for low-voltage products of about $24 billion for its most profitable product range. The European Commission said its investigation showed no negative impact on rivals and customers. "The overlaps between the parties' activities are limited and the merged entity would continue to face competition from a number of other strong competitors," the EU executive said in a statement. "Customers will therefore still have a number of alternative suppliers in the markets concerned." U.S. regulators approved the deal on April 30.

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