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United Technologies, Raytheon Offer Concessions to EU Over Merger Plan

The EU competition watchdog will now seek feedback from rivals and customers before deciding whether or not to clear the deal.

BRUSSELS (Reuters) – United Technologies Corp and Raytheon Co have offered concessions to address EU antitrust concerns about their plan to create a $120 billion U.S. aerospace and defense giant, a filing on the European Commission website showed on Monday.

The companies submitted their concessions on Friday. The European Commission, which did not provide details in line with its policy, extended its deadline for a decision to March 13 from Feb. 28.

In January, UTC agreed to divest a military-focused GPS unit from its subsidiary Collins while Raytheon agreed to sell an airborne tactical radios unit to British defense company BAE Systems in a bid to win regulatory clearance.

The EU competition watchdog will now seek feedback from rivals and customers before deciding whether or not to clear the deal, demand more concessions or open a full-scale investigation.

Reporting by Foo Yun Chee; editing by Jason Neely.

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Source: Reuters

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