By Ian Walker


The U.K. government said late Tuesday that it is 'minded' to accept Parker-Hannifin Corp.'s undertakings to address its concerns over the U.S. company's planned 6.3 billion pound ($7.68 billion) takeover of Meggitt PLC.

The U.K. secretary of state for business, energy and industrial strategy issued a public interest intervention notice on the deal in October and asked the U.K. Competition and Markets Authority to investigate the deal.

Parker has since offered to sell its AWB unit which the secretary said could address the government's concerns.

The undertakings are now subject to a public consultation which is due to end on July 13, whereupon the secretary of state will be able to approve the acquisition without further review.

"We are pleased that following very constructive engagement with the U.K. Government, the Secretary of State is minded to accept the national security and competition undertakings we have offered as part of our pending acquisition of Meggitt," Parker Chairman and Chief Executive Tom Williams said.

"The combination of Parker and Meggitt is an exciting opportunity for both companies and we look forward to welcoming Meggitt to the Parker team."


Write to Ian Walker at ian.walker@wsj.com


(END) Dow Jones Newswires

06-29-22 0247ET