# Flowserve and Velan extend outside date of arrangement agreement to October 7, 2023

Flowserve and Velan extended the outside date of their February 2023 arrangement agreement by 30 days to October 7, 2023, because regulatory approvals were not yet all obtained.

- Type: Acquisition
- Announced: 2023-08-31
- Where: France
- Value: $245.0M
- Status: announced
- Products: industrial valves, pumps, seals
- Sectors: [Pumps and Valves](https://endata.com/sectors/pumps-valves.md)

## Companies

- [Velan](https://endata.com/companies/441.md) (target)
- [Flowserve](https://endata.com/companies/911.md) (acquirer)

## Sources

- [businesswire.com](https://www.businesswire.com/news/home/20230831303175/en/Flowserve-and-Velan-Extend-the-Outside-Date-of-their-Arrangement-Agreement), 2023-08-31: "Velan and Purchaser have given written notices to each other that they each wish to extend the Outside Date for an additional 30 days to October 7, 2023."
- [markets.chroniclejournal.com](https://markets.chroniclejournal.com/observerreporter/article/bizwire-2023-10-5-flowserve-announces-french-regulatory-rejection-of-velan-transaction), 2023-10-05: "announced today that the French Ministry of Economy, as part of its Foreign Direct Investment review process, has rejected Flowserve's acquisition of Velan Inc."
- [reuters.com](https://www.reuters.com/markets/deals/france-blocks-us-takeover-canada-owned-french-nuclear-valve-makers-2023-10-06/), 2023-10-06: "Flowserve, which makes pumps and valves, said on Thursday it was dropping its $245 million takeover of Montreal-based Velan"

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.