The U.K. government said late Tuesday it is " minded to accept " Parker Hannifin's ( NYSE: PH ) actions to address its concerns over the planned acquisition of Meggitt PLC.
Parker Hannifin ( PH ) has offered to sell its Aircraft Wheel and Brake Division to Kaman Corp., which the U.K. secretary of state for business, energy and industrial strategy said could address the government's concerns.
The decision is now subject to a public consultation period, which is due to end on July 13.
"The combination of Parker and Meggitt is an exciting opportunity for both companies and we look forward to welcoming Meggitt to the Parker team," Parker Hannifin ( PH ) Chairman and CEO Tom Williams said.
The companies agreed on the £6.3B ($7.68B) takeover last August .
For further details see:
Parker Hannifin poised to complete Meggitt deal as U.K. 'minded to accept'