BRUSSELS (Reuters) - U.S. laser tools and systems maker Coherent Inc (COHR.O) has offered to sell a unit to allay EU competition concerns over its $942 million bid for laser manufacturer Rofin-Sinar Technologies Inc RSTI.O, a person familiar with the matter said on Thursday.
The concession prompted the European Commission to extend its scrutiny of the deal to Oct. 26 from Oct. 12 so that it can get feedback from users and rivals before deciding whether to accept the proposal, a filing on the Commission’s website showed.
The EU competition enforcer can either accept the concession, demand more depending on the feedback or open a full-scale investigation.
Coherent’s lasers are used in digital imaging, 3-D mapping, engraving and welding, among others. Rofin’s products include solid-state lasers, fiber lasers and diode lasers.
The laser industry is being pressured by falling prices and slowing growth, according to analysts.
Reporting by Foo Yun Chee; editing by Philip Blenkinsop