Reuters: Regulatory News: UPDATE 1-SPX, Robert Bosch deal set for EU approval - source

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UPDATE 1-SPX, Robert Bosch deal set for EU approval - source Jun 25th 2012, 11:05 Mon Jun 25, 2012 7:05am EDT * EU Commission set to clear $1.15 bln deal without conditions * EU to announce decision by Tuesday * SPX to focus on flow technology business after asset sale By Foo Yun Chee BRUSSELS, June 25 (Reuters) - EU competition regulators are to approve the sale of U.S. conglomerate SPX Corp's automotive service business to world No. 1 car parts maker Robert Bosch GmbH for $1.15 billion, a person familiar with the matter said on Monday. The European Commission has been examining the deal since May 21 and has set a June 26 deadline for its decision. "The Commission is set to give unconditional approval for the deal," said the source, who declined to be identified because of the sensitivity of the matter. SPX, which makes pumps and filters used in producing liquids for industries ranging from oil to beverages, equipment for electrical transformers and cooling towers for power plants, is selling the unit to focus on its core business. It also plans to use the proceeds to pay down debt and buy back shares. The acquisition will boost German-based Bosch's presence in the North American automotive diagnostics market. SPX's auto tools unit accounts for about 15 percent of its revenues, with operations in the United States, Germany, France and China. The company competes with General Electric Co, German engineering group GEA Group and Swiss engineering group ABB. Link this Share this Digg this Email Reprints

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