US: Suntory, Beam Inc deal gets US clearance
Beam expects the deal to close next month
Suntory Holdings’ US$16bn acquisition of Beam Inc has moved a step closer after being given regulatory approval by US authorities.
Beam said today (5 March) that the US Federal Trade Commission (FTC) has granted “early termination” over a waiting period to review the tie-up. Under the Hart-Scott- Rodino Act in the US, companies must file details of a merger and get approval from the FTC and Department of Justice.
“This is another important step towards completing the acquisition of Beam for $83.50 per share, and the transaction remains on track to close in April,” said Matt Shattock, Beam’s president & CEO.
However, the deal still needs regulatory clearance in the European Union and approval from Beam shareholders. The spirits firm's stockholders are due to vote on the deal at a special meeting on March 25.
The company denies all the claims.
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