BENTON HARBOR, Mich./NEWTON, Iowa — Whirlpool Corp. and Maytag Corp. have received clearance from the U.S. Department of Justice to complete their proposed merger. Whirlpool plans to close the transaction as soon as practical, but no later than Monday.
The acquisition was approved without any required divestitures despite concerns that creating the world's largest appliance maker would stifle competition. "Competitive dynamics" will deny the combined company the power to raise prices, says Thomas O. Barnett, the government's antitrust chief.
"The combination of Whirlpool and Maytag will create substantial benefits for consumers, trade customers and shareholders, through continued development of innovative products, improved quality and service, and cost efficiencies," says Jeff M. Fettig, Whirlpool's chairman and CEO.
Ralph Hake, Maytag's chairman and CEO, says the merger provides fair value to Maytag shareholders. "This transaction will enhance the competitiveness of the Maytag brands with new innovation and greater global reach to a broader base of consumers through Whirlpool's established sales and manufacturing capabilities."
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