Air Products (NYSE: APD) today announced that the U.S. Federal Trade Commission (FTC) has accepted a Consent Decree in connection with Air Products’ proposed acquisition of Airgas, Inc. (NYSE: ARG).
Final approval of the Consent Decree will be determined by the FTC after a 30-day public comment period. The waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 expired yesterday, September 8, 2010.
The Consent Decree permits Air Products to acquire Airgas subject to the divestiture of certain assets and permits, for a period of time, the closing of the acquisition prior to completion of the divestiture. The assets to be divested relate primarily to Airgas’ liquid bulk and on-site supply of atmospheric gases, including production and related assets.
John E. McGlade, Air Products chairman, president and chief executive officer, said, “We are pleased the FTC has accepted the Consent Decree with respect to our acquisition of Airgas. All of the principal conditions to completing a transaction with Airgas have been satisfied. The only thing standing in the way of Airgas shareholders receiving a substantial premium for their shares now is the continued refusal of the Airgas Board to engage with Air Products on any level.”
Source: http://www.airproducts.com/