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US DOJ, Assa Abloy reach settlement, agree on divestitures in suit over Spectrum Brands’ proposed acquisition

( May 6, 2023, 00:19 GMT | Official Statement) -- MLex Summary: The US Department of Justice and Assa Abloy have settled a government lawsuit to block the company's proposed acquisition of Spectrum Brands’ hardware and home improvement division. Under the terms of the proposed settlement, which is subject to court approval, Assa Abloy must divest assets to Fortune Brands Innovations to allow Fortune to compete in the markets for premium mechanical door hardware and smart locks used in residential and multifamily buildings. In a court filing, the DOJ said it "does not contend" that the relief obtained by the proposed Final Judgment will fully eliminate the risks to competition. It said that only a "complete injunction" preventing the original proposed merger would have eliminated those risks. "Alternatively, complete divestitures of all relevant standalone business units necessary to fully compete may have diminished those risks significantly," it said.See attached documents. Press release follows:...

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