Boeing offers concessions to win EU approval for Spirit AeroSystems deal

Stephen Brashear/Getty Images News

Boeing (NYSE:BA [https://seekingalpha.com/symbol/BA]) submitted proposals to European regulators aimed at easing competition concerns over its planned acquisition of Spirit AeroSystems (NYSE:SPR [https://seekingalpha.com/symbol/SPR]), the world’s largest independent supplier of aircraft structures, according to a filing on the European Commission’s website.

The U.S. aerospace company unveiled the $4.7 billion buyback last July, a transaction that also involves Airbus (OTCPK:EADSF [https://seekingalpha.com/symbol/EADSF]) (OTCPK:EADSY [https://seekingalpha.com/symbol/EADSY]) assuming control of Spirit’s (NYSE:SPR [https://seekingalpha.com/symbol/SPR]) struggling operations in Europe.

The European Commission, which oversees antitrust enforcement across the bloc, has now extended its deadline for a decision on the deal to October 14. Regulators are expected to seek input from industry players before deciding whether the remedies offered by Boeing (NYSE:BA [https://seekingalpha.com/symbol/BA]) are sufficient, or if a deeper four-month probe will be required.

The acquisition has already received unconditional clearance from the United Kingdom’s Competition and Markets Authority, which approved the transaction last month.

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