Schneider's L&T Deal Faces Further Indian Regulatory Scrutiny
November 20 2018 - 1:44AM
Dow Jones News
By Nathan Allen
Schneider Electric SE (SU.FR) said late Monday that the Indian
Competition Commission has opened a further review of its planned
takeover of Larsen & Toubro Ltd's (500510.BY)
electrical-automation business.
Schneider disclosed in May that it planned to partner with
Singapore's sovereign-wealth fund Temasek Holdings to buy the unit
for 1.75 billion euros ($2.00 billion).
The French electrical company said the new review is in line
with the proposed timeline and that it would continue to work with
the commission in the coming months.
"The proposed combination is highly beneficial to consumers
across India as well as for the Indian economy," Schneider
said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
November 20, 2018 01:29 ET (06:29 GMT)
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