Baker Hughes Proposes Remedies to Secure EU Approval for Chart Industries Deal
Overview of the Baker Hughes and Chart Industries Acquisition
Introduction to the Proposed Acquisition
BRUSSELS, June 22 (Reuters) - U.S. oilfield services firm Baker Hughes has offered remedies in an effort to secure EU antitrust approval for its $13.6 billion acquisition of Chart Industries, a European Commission filing showed on Monday.
European Commission's Review Process
The Commission, which acts as the European Union's competition enforcer, did not provide details of the proposed remedies, in line with its policy. It set a July 10 deadline for its decision.
Potential Outcomes of the Review
It will likely seek feedback from clients and rivals of the two companies before deciding whether to accept the remedies, demand more or open a full-scale four-month-long investigation if it has serious concerns.
Strategic Rationale Behind the Deal
Baker Hughes announced the deal in July last year to reinforce its presence in industrial technology servicing liquefied natural gas and data centres and to leverage its industrial and energy technology portfolio.
About Chart Industries
Chart makes industrial equipment such as valves and measurement technology for gas and liquid molecule handling and has 65 manufacturing locations with more than 50 service centres globally.
Global Reach and Capabilities
(Reporting by Foo Yun Chee, editing by Milla Nissi-Prussak)
