In addition, Parker announces that the Acquisition has been approved, without any conditions, by the following regulatory bodies:
Australian Foreign Investment Review Board;
Australian Competition and Consumer Commission;
- the Competition and
Consumer Commission of Singapore;
Saudi Arabian General Authority for Competition;
Danish Business Authority;
German Federal Ministry for Economic Affairs and Energy;
- the Presidency of the
Italian Council of Ministries(Presidenza del Consiglio dei Ministri); and
- the Turkish Competition Board.
Accordingly, Conditions 3(D), 3(H), 3(I), 3(J), 3(L) and 3(M) set out in Part A of Part III of the Scheme Document respectively have been satisfied.
As previously announced on
“We are pleased to have received these regulatory clearances as they bring us closer to completion of the acquisition of Meggitt,” said
The Acquisition remains subject to satisfaction or, where applicable, waiver of the Conditions set out in the Scheme Document, including further regulatory clearances and the sanction of the scheme of arrangement by the Court pursuant to the Companies Act. Parker continues to expect the Acquisition to close in Q3 2022. For further information, please visit the dedicated transaction microsite www.aerospacegrowth.com.
Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 65 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. Learn more at www.parker.com or @parkerhannifin.
Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. Often but not always, these statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and include all statements regarding future performance, earnings projections, events or developments. Neither Parker nor any of its respective associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance and earnings projections of the company, including its individual segments, may differ materially from past performance or current expectations.
The risks and uncertainties in connection with such forward-looking statements related to the proposed acquisition of Meggitt include, but are not limited to, the occurrence of any event, change or other circumstances that could delay or prevent the closing of the proposed acquisition, including the failure to satisfy any of the conditions to the proposed acquisition; the possibility that in order for the parties to obtain regulatory approvals, conditions are imposed that prevent or otherwise adversely affect the anticipated benefits from the proposed acquisition or cause the parties to abandon the proposed acquisition; adverse effects on Parker’s common stock because of the failure to complete the proposed acquisition; Parker’s business experiencing disruptions due to acquisition-related uncertainty or other factors making it more difficult to maintain relationships with employees, business partners or governmental entities; the possibility that the expected synergies and value creation from the proposed acquisition will not be realized or will not be realized within the expected time period, due to unsuccessful implementation strategies or otherwise; and significant transaction costs related to the proposed acquisition.
Among other factors which may affect future performance are: the impact of the global outbreak of COVID-19 and governmental and other actions taken in response; changes in business relationships with and purchases by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms or significant changes in financial condition, changes in contract cost and revenue estimates for new development programs and changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions, including the integration of
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Source: Parker-Hannifin Corporation