Crane wins EU approval for $820 mln MEI Conlux purchase

Fri Jul 19, 2013 9:45am EDT
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BRUSSELS, July 19 (Reuters) - U.S. diversified manufacturer Crane secured EU regulatory approval on Friday for its proposed $820 million acquisition of MEI Conlux Holdings after pledging to sell assets and products in Canada and Germany to ease competition concerns.

Crane unveiled the deal, its third in six years, in December last year which will strengthen its presence in machines that can handle money through automated mechanisms in retail outlets, gaming markets, transportation centres and vending outlets.

The company offered to divest a coin changer product line made in Germany by its subsidiary National Rejectors and a banknote recycler and acceptor product line made in Canada by another unit CashCode, the European Commission said.

The proposal came after a preliminary investigation showed the merged company would have very high market shares in Europe in specific areas, the Commission said in a statement.

"Crane also committed not to close its proposed acquisition of MEI before concluding a binding agreement for the sale of the divestment businesses to a suitable purchaser approved by the Commission," the EU competition authority said.