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Antitrust Division Agrees to Mid-Trial Settlement to Resolve Merger Challenge
The Antitrust Division of the Department of Justice announced that it reached a settlement in its litigation challenge against ASSA ABLOY AB’s proposed USD 4.3 billion acquisition of Spectrum Brand Holding Inc.’s Hardware and Home Improvement division. The settlement, which came in the middle of trial, is the first negotiated settlement under DOJ Assistant Attorney General Jonathan Kanter. Comments from the judge during the trial suggested skepticism towards the DOJ’s position. Without the settlement, this case may have been next in a recent number of DOJ litigation losses. This resolution may signal DOJ now is more willing to entertain merger settlements.