The US Federal Trade Commission (FTC) said on Friday, February 23, it would challenge in court the Norwegian company Wilhelmsen Maritime Services’ plan to buy smaller US rival Drew Marine Group.
The FTC said the US$400 million proposed deal would reduce competition in the market for marine water treatment chemicals, used in a ship’s boiler water and engine cooling water systems.
If Wilhelmsen closes the deal with New Jersey’s Drew Marine, the FTC said the company would have 60% of the market for marine water treatment chemicals, while its closest competitor would have 5%.
The FTC has filed an administrative complaint with an agency judge asking for the deal to be scrapped.
It also authorized staff to request a preliminary injunction in federal court temporarily stopping the deal while the administrative process goes forward.
Full Content: Reuters
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