US deals blocked by regulators or facing intense scrutiny
Nov 14 (Reuters) -Tapestry TPR.N abandoned its $8.5 billion bid for Michael Kors owner Capri CPRI.N after a judge blocked it following a lawsuit by the U.S. Federal Trade Commission (FTC), in the latest regulatory squeeze under the Biden administration.
Here are other deals that have been terminated or face regulatory scrutiny:
DEALS THAT HAVE BEEN TERMINATED
DEAL | DEAL VALUE | CONTEXT |
JetBlue-Spirit Airlines | $3.8 billion | JetBlue Airways JBLU.O and Spirit Airlines SAVE.N scrapped their $3.8-billion merger agreement in March 2024, with the low-cost carriers saying there was no path forward after a U.S. judge blocked the deal in January on anti-competition concerns. |
Avangrid Inc-PNM Resources | $8.3 billion | Iberdrola's U.S. unit Avangrid Inc AGR.N said in January 2024 it had terminated its planned $8.3 billion acquisition of rival PNM Resources PNM.N, because it could not get all the necessary regulatory approvals to close the deal by Dec. 31, 2023. |
DEALS THAT ARE UNDER SCRUTINY
DEAL | DEAL VALUE | CONTEXT |
UnitedHealth Group-Amedisys Inc | $3.3 billion | The U.S. Department of Justice and three U.S. states filed a lawsuit in November 2024 to block UnitedHealth Group's UNH.N $3.3 billion acquisition of Amedisys Inc AMED.O, citing concerns that the deal would reduce competition in the home health services market. |
Capital One- Discover Financial Services | $35.3 billion | New York Attorney General Letitia James is investigating whether Capital One's COF.N proposed $35.3 billion takeover of Discover Financial Services DFS.N violates the state's antitrust law, the state said in October 2024. |
Kroger- Albertsons | $25 billion | The trial where U.S. anti-trust regulators made their case to block Kroger's KR.N $25 billion bid to buy rival grocer Albertsons ACI.N concluded in September 2024, but the deal's legal challenges remain, with two more trials to hear complaints that the merger could jack up grocery bills. |
Nippon Steel-U.S. Steel | $14.9 billion | Nippon Steel's 5401.T $14.9 billion bid for U.S. Steel X.N has faced opposition by both newly elected President Donald Trump and the outgoing Biden administration. A top Nippon Steel executive and U.S. Steel's CEO met with senior U.S. officials in September in an effort to salvage the deal. |
Tempur Sealy International- Mattress Firm | $4 billion | The U.S. Federal Trade Commission said in July 2024 it would sue to block the $4 billion merger between mattress manufacturer Tempur Sealy International Inc TPX.N and retailer Mattress Firm. Tempur Sealy now expects to close the deal later this year or early 2025. |
Reporting by Ananta Agarwal in Bengaluru; Editing by Sriraj Kalluvila
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