Eaton Corporation acquisition of Aeroquip-Vickers clears U.S. Government waiting period
CLEVELAND, OHIO.... Eaton Corporation (NYSE:ETN) today said the waiting period for U. S. government review of the company's proposed acquisition of Aeroquip-Vickers, Inc. (NYSE:ANV) has expired without a request for additional information.
Eaton said the period for reviews by the Federal Trade Commission, under the Hart-Scott-Rodino Act, expired at 11:59 p.m. Eastern Standard Time on March 6.
On February 1, 1999 Eaton and Aeroquip-Vickers jointly announced that Eaton would acquire all of the outstanding common shares of Aeroquip-Vickers for $58 per share in cash, or approximately $1.7 billion. The Boards of Directors of both companies have approved the transaction, and the meeting at which Aeroquip-Vickers shareholders will vote on the merger will be held April 8. The transaction, which is subject to normal closing conditions, is expected to be completed shortly thereafter.
Eaton Corporation is a global manufacturer of highly engineered products that serve industrial, vehicle, construction, commercial and semiconductor markets. Principal products include electrical power distribution and control equipment, truck drivetrain systems, engine components, hydraulic products, ion implanters and a wide variety of controls. Headquartered in Cleveland, the company has 49,500 employees and 155 manufacturing sites in 25 countries around the world. Sales for 1998 were $6.6 billion.
Aeroquip-Vickers is two companies, Aeroquip Corporation and Vickers, Incorporated, world leaders in the design, manufacture and distribution of engineered components and systems to industrial, aerospace and automotive markets. Headquartered in Maumee, Ohio, the company has 15,000 employees and 50 manufacturing and/or assembly sites in 15 countries around the world. Sales for 1998 were $2.15 billion. The Internet address for Aeroquip-Vickers, Inc. is: http://www.aeroquip-vickers.com/