The U.S. Justice Department said on Monday it had reached a settlement with chemical companies Ecolab Inc and Permian Mud Service Inc to allow their proposed merger to move forward without one of Permian's subsidiaries. Without the sale of subsidiary Champion Technologies Inc, the merger would unlawfully reduce competition for services to deepwater wells in the Gulf of Mexico, the department said in a news release.
Ecolab Inc. (Ecolab) develops and markets products and services for the hospitality, foodservice, healthcare and industrial markets. Shares of ECL traded higher by 0.88% or $0.7/share to $80.04. In the past year, the shares have traded as low as $59.81 and as high as $80.69. On average, 1038550 shares of ECL exchange hands on a given day and today's volume is recorded at 699238.
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