By Foo Yun Chee BRUSSELS (Reuters) -Boeing has offered remedies in a bid to secure EU approval to buy back Spirit AeroSystems, the world’s largest standalone aerostructures company, according to an update on the European Commission website. Boeing announced the $4.7 billion acquisition in July last year in a deal that would also see Airbus […]
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Boeing offers remedies in bid for EU approval for Spirit deal
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By Foo Yun Chee
BRUSSELS (Reuters) -Boeing has offered remedies in a bid to secure EU approval to buy back Spirit AeroSystems, the world’s largest standalone aerostructures company, according to an update on the European Commission website.
Boeing announced the $4.7 billion acquisition in July last year in a deal that would also see Airbus take on the supplier’s loss-making Europe-focused activities.
The Commission, which acts as the EU competition enforcer, did not provide details on the remedies in line with its policy and extended its decision deadline for the deal to October 14.
Airbus will take on Spirit’s Europe-focused activities concurrently with the closing of Boeing’s deal with Spirit, the U.S. planemaker said last year when it announced the deal.
Spirit will also sell operations in Prestwick, Scotland, and in Subang, Malaysia, that support Airbus programmes and those in Belfast that do not support Airbus programmes.
The Commission is expected to seek market feedback before deciding whether to accept Boeing’s remedies or open a full-scale four-month-long investigation if it has serious concerns.
The UK antitrust authority cleared the deal unconditionally last month.
(Reporting by Foo Yun CheeEditing by Ros Russell and Mark Potter)