The US Federal Trade Commission (FTC) is going to make a legal challenge to prevent a proposed takeover of marine industry services company Drew Marine Group by Norwegian firm Wilhelmsen Maritime Services.
FTC, which is an independent agency of the US government, announced on Friday its intention to file a complaint in court opposing the $400 million deal which would see the larger Wilhelmsen – part of the Wilhelmsen Group of Lysaker in Norway – acquire the Whippany, New Jersey-based Drew.
With a remit to protect US consumers and to police anticompetitive business practices, FTC says this case would reduce competition in the market for marine water treatment chemicals, which are used in vessels’ boiler water and engine cooling systems.
If the deal, initiated in April 2017, goes ahead FTC says it would give the company at least 60% of the global market in marine water treatment chemicals.
Wilhelmsen disputes the FTC’s claim and says it will continue to work towards a positive outcome.