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2006-03-16 News Headlines
Thumbs up for Appliances Duo Proposed Merger Whirlpool and Maytag corporations proposed merger has been cleared by the Competition Bureau of Canada recognizing the home appliances industry is open and competitive.
Whirlpool Corporation (NYSE: WHR) and Maytag Corporation (NYSE: MYG)
today announced that their proposed merger has been cleared by the Competition
Bureau of Canada (Bureau). The Bureau, an independent law enforcement
agency, concluded that it has no grounds upon which to challenge the proposed
merger under Canada’s Competition Act. In reaching its conclusion,
the Bureau has determined that the proposed merger will not give rise
to a substantial lessening or prevention of competition in relation to
any relevant market in Canada. The Bureau’s decision follows a thorough
review, including extensive industry contacts. “We are pleased with the decision of the Competition Bureau. We believe the Bureau’s decision recognizes that the global home-appliance industry is open and competitive,” said Jeff M. Fettig, Whirlpool’s chairman and CEO. “This transaction will result in better products, quality and service, as well as cost efficiencies, which will enhance our ability to succeed in the competitive global home-appliance industry. Consumers will benefit from a combined Whirlpool and Maytag business.” Ralph F. Hake, Maytag's chairman and CEO said, "Maytag is pleased
with today's decision by the Canadian Competition Bureau. In our view,
this decision reinforces the fact that this merger is pro-competitive
and is certainly in the best interest of our company, our brands and our
shareholders." On February 13, 2006, Whirlpool and Maytag agreed with the Antitrust
Division of the U.S. Department of Justice (Division) to a limited extension
of time to complete the review of the proposed acquisition of Maytag by
Whirlpool. The companies have agreed not to close the transaction before
March 30, 2006, without the Division’s concurrence. Whirlpool and
Maytag are working closely with the Division and continue to cooperate
fully with its investigation and respond promptly to its inquiries.
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