July 23, 2019 / 8:51 PM / 2 months ago

U.S. FTC gives conditional approval for Quaker to buy Houghton

WASHINGTON (Reuters) - The U.S. Federal Trade Commission said on Tuesday it had given approval for Quaker Chemical Corp’s (KWR.N) proposed $1.4 billion acquisition of Hinduja Group’s Houghton International [HGINL.UL] provided they sell certain products and assets to a subsidiary of Total SA (TOTF.PA).

It said the two companies had agreed to the divestitures, which would address the agency’s concerns that the deal would harm competition in the North American markets for aluminum hot rolling oil and steel cold rolling oil.

Reporting by Tim Ahmann; writing by Mohammad Zargham; editing by Jonathan Oatis

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