BRUSSELS, Oct 14 (Reuters) - Boeing ( BA ) secured EU
antitrust approval on Tuesday for its $4.7 billion acquisition
of Spirit after agreeing to sell some Spirit businesses
to address competition concerns.
The deal announced in July last year aims to help Boeing ( BA )
streamline its operations and improve quality control, years
after it spinned off the key airline supplier.
Boeing ( BA ) offered remedies after the European Commission, which
acts as the EU antitrust enforcer, said the deal would have
significantly reduced competition in the global aerostructure
market and in the large commercial aircraft sector.
The Commission said it accepted Boeing's ( BA ) offer to divest all
Spirit's businesses that currently supply aerostructures to
Airbus to the European rival, confirming a Reuters
story last week.
Boeing ( BA ) will also sell Spirit's site in Malaysia that
supplies aerostructures to Airbus to Composites Technology
Research Malaysia Sdn Bhd, allowing the Malaysian company to
enter the market.
"Boeing's ( BA ) commitments will preserve competition in this
crucial market and enable the entry of a new rival, and ensure
commercial aircraft makers get the parts they need at
competitive prices," EU antitrust chief Teresa Ribera said in a
statement.