US aerospace group steps aside in battle for UK peer

US aerospace parts manufacturer TransDigm on Tuesday decided against a higher counter bid for British peer Meggitt, paving the way for Parker-Hannifin Corporation to complete a multi-billion-dollar takeover. TransDigm on August 11 said it was looking at formally bidding £7.0 billion ($9.5 billion, 8.2 billion euros) for Meggitt. The previous week,...

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