By Adam Coleman
CANADA: Whirlpool Corp. and Maytag Corp. today announced that their proposed $1.7 billion merger has been cleared by the Competition Bureau of Canada.
The companies, which are awaiting a decision from antitrust regulators at the U.S. Department of Justice, revealed in a statement that Canadian officials concluded their deal would not significantly lessen or prevent competition in any relevant market.
“We are pleased with the decision of the competition bureau. We believe the bureau’s decision recognizes that the global home appliance industry is open and competitive,” said Whirlpool chairman and CEO, Jeff Fettig in a statement.
"This transaction will result in better products, quality and service, as well as cost efficiencies, which will enhance our ability to succeed in the competitive global home appliance industry. Consumers will benefit from a combined Whirlpool and Maytag business.”
Maytag chairman and CEO, Ralph Hake said Maytag is happy with today’s decision.
“In our view, this decision reinforces the fact that this merger is pro-competitive and is certainly in the best interest of our company, our brands and our shareholders."
Whirlpool and Maytag agreed to await the conclusion of an investigation by the Antitrust Division of the U.S. Department of Justice, before closing the transaction.