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Northrop wins approval for TRW merger
Posted: Tue, Dec 10, 2002, 8:42 PM ET (0142 GMT)
TRW Northrop Grumman announced Tuesday that it has reached an agreement with the US Justice Department on a consent decree that will allow the company to merge with TRW. The company said it and regulators agreed on "essential terms" of a consent decree regarding how the merged company will manage its satellite sensors business. Terms of the decree were not disclosed other than a statement that the agreement does not require the merged company to divest itself of any business units. The company recently said it was close to finalizing the decree, but the failure to close out the deal had raised concerns that negotiations had hit a last-minute snag that could delay the deal. Regulators and other companies, such as Lockheed Martin, raised concerns that the merged company would control most of the market for sensors used on a wide range of military satellites, potentially hampering other satellite manufacturers. The agreement allows the two companies to move ahead with shareholder votes Wednesday, with the merger being finalized "promptly" after the votes.
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