Reuters: Mergers News: Pentair wins U.S. approval to absorb Tyco flow unit

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Pentair wins U.S. approval to absorb Tyco flow unit Apr 26th 2012, 16:17 Thu Apr 26, 2012 12:17pm EDT WASHINGTON, April 26 (Reuters) - Pentair Inc has won U.S. antitrust approval for a multibillion-dollar deal to absorb Tyco International Ltd's flow-control business, the Federal Trade Commission said on Thursday. The deal will roughly double the size of Pentair, which makes water treatment and thermal management products, and make it the largest company in its sector. It will particularly increase Pentair's business in Asia. The deal was valued at $4.6 billion when announced on March 28. Last year Tyco announced plans to split off its business of making valves and flow-control systems in a three-way breakup of the company. Tyco had aspirations of being a conglomerate on par with General Electric before a financial scandal that ended with the 2005 conviction of former Chief Executive Dennis Kozlowski for stealing more than $150 million from the company. Shares of Minneapolis-based Pentair were trading down 36 cents at $43.94 in midday trading on the New York Stock Exchange.

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