Judge Blocks Libbey’s Anchor Hocking Buy
Libbey Inc., the biggest U.S. food service glassware maker, was barred by a federal judge from acquiring part of rival Newell Rubbermaid Inc.’s Anchor Hocking unit for $277.5million.
U.S. District Judge Reggie Walton in Washington ordered a preliminary injunction sought by the Federal Trade Commission, which said the purchase would reduce competition.
Walton said the FTC’s concerns are enough to halt the deal until the case can be heard on its merits.
Libbey has “begun study of and consideration of all of our alternatives in order to determine our course of action,” Chief Executive John F. Meier said.
Shares of Libbey, based in Toledo, Ohio, rose 17 cents to $34.95, and Newell shares rose 31 cents to $31.86--both on the NYSE.
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