DOJ Challenges Closed $4.3B Parker Hannifin Deal

Law360, New York (September 26, 2017, 3:36 PM EDT) -- The U.S. Department of Justice sued Tuesday to partially unwind Parker Hannifin's $4.3 billion acquisition of rival Clarcor, saying the consummated merger combined the only two domestic companies making aviation fuel filtration systems used by the military and airlines.

The government sued in Delaware federal court over the transaction, announced in late 2016 and closed at the end of February, saying that the deal would lead to higher prices by eliminating the head-to-head competition for the systems and parts.

The suit asks for temporary relief to keep Clarcor Inc.'s aviation fuel filtration business from disappearing while the case proceeds, in addition...

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