(CercleFinance.com) – Assa Abloy on Monday challenged in a North American court a complaint filed by the Department of Justice, which opposes its plan to buy the equipment and renovation activities of the diversified industrial group Spectrum Brands.
In its conclusions, the Swedish locks giant considers that its plan to sell Emtek and its smart door opening subsidiary in the United States and Canada, which represent a scope of some $350 million, constitute concessions more than enough to allay the DoJ’s fears.
The US Department of Justice announced last month its intention to block the operation because of its consequences deemed harmful to competition.
Assa Abloy last year signed a definitive agreement to acquire the $4.3 billion Hardware and Home Improvement (HHI) division of Spectrum Brands, a supplier of security (locks, electronic, smart, biometric locks) for the North American residential market.
The Assa Abloy share is currently yielding more than 2% on the Stockholm Stock Exchange.
Copyright (c) 2022 CercleFinance.com. All rights reserved.