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EU regulators approve Honeywell's buy of Elster subject to conditions

Reuters - UK Focus

BRUSSELS, Dec (Shanghai: 600875.SS - news) 21 (Reuters) - European Union antitrust regulators on Monday approved Honeywell International Inc (NYSE: HON - news) 's $5.1 billion purchase of Elster Group, the utility consumption metering business of Britain's Melrose Industries (Other OTC: MLSPF - news) Plc, subject to conditions.

In July, Honeywell agreed to buy Elster, the U.S (Other OTC: UBGXF - news) . group's largest purchase in more than a decade.

The European Commission said the approval was subject to Honeywell divesting its gas metering business.

Selling all its shares in a plant manufacturing gas meters located in Germany would completely eliminate the overlap between Honeywell's and Elster's activities, the Commission said in a statement. (Reporting by Barbara Lewis and Julia Fioretti; editing by Robert-Jan Bartunek)