WABCO Holdings and ZF Friedrichshafen said they had received all approvals from regulatory authorities required to close their previously announced merger, with the exception of the Chinese State Administration for Market Regulation (SAMR).
The merging pair anticipate SAMR approval will be received "without significant delay" and expect the transaction will close in the second quarter of 2020, when this final regulatory clearance is anticipated to be received.
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Last January, European Commission (EC) authorities unconditionally approved the proposed ZF acquisition of Wabco through the EU Merger Regulation.
The commission concluded the transaction would raise no competition concerns in the European Economic Area.
During its investigation, the commission received feedback from a large number of customers and competitors and found the transaction was unlikely to hinder effective competition in relevant markets.
The commission therefore concluded the transaction would raise no competition concerns, as ZF would continue to face effective competition after the transaction on the relevant markets and cleared the case unconditionally.
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