FTC Opposes Libbey Deal for Anchor
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The Federal Trade Commission will proceed with its challenge of Libbey Inc.’s $277.5-million purchase of Newell Rubbermaid Inc.’s Anchor Hocking unit, rejecting Libbey’s offer to buy just part of the glassware maker.
The FTC told a federal judge that the agency voted to move ahead with a lawsuit opposing the proposed purchase by Libbey, the largest U.S. maker of food-service glassware. Anchor Hocking is the No.3 producer. The FTC in December voted against the combination, saying it would reduce competition.
Libbey, which in June agreed to buy all of Anchor Hocking’s stock for $332million, revised the transaction in January after the FTC sought to block the purchase.
Shares of Toledo, Ohio-based Libbey fell $1.35 to $38.45 on the NYSE. Freeport, Ill.-based Newell fell 41 cents to $31.43, also on the NYSE.
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