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Ecolab reaches agreement with DoJ on Champion acquisiton

Ecolab announced that it has entered into a consent agreement with the U.S. Department of Justice, which has been filed in the US District Court for the District of Columbia. As a result, Ecolab expects to complete the Champion acquisition within the next several days. The consent agreement with the DoJ requires Ecolab to take certain steps designed to ensure continued independent competition utilizing Champion technology for deepwater Gulf of Mexico energy services. Ecolab CEO Douglas Baker said, "We are pleased to have reached an agreement with the DoJ on this matter. We also remain very excited about the potential of this transaction...In addition, we expect that it will provide attractive earnings accretion, adding approximately 7c to 2013 earnings per share and rising to 50c by 2016."