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Grupo Verzatec S.A. de C.V., based in Monterrey, Mexico, has abandoned its proposed acquisition of Crane Composites, a wholly-owned subsidiary of Crane Co., after the U.S. Department of Justice filed a complaint alleging that the proposed $360 million transaction would impede competition in the sale and production of pebbled fiberglass reinforced plastic wall panels.
Crane is Verzatec’s biggest competitor, according to a Department of Justice press release.