Shares of Energizer charged upward Thursday following the Federal Trade Commission’s approval of the company’s $2 billion acquisition of rival Rayovac.
The Town and Country-based battery maker’s stock closed Thursday at $59.58, up 12.4 percent from its Wednesday closing price.
The Rayovac deal, first announced in January, will leave Energizer as one of two major global battery producers.
FTC approval in the face of antitrust concerns was a “surprise,” according to Wells Fargo analyst Sam Reid.
The deal still needs approval from European regulators, but Jeffries analyst Kevin Grundy said the FTC’s blessing makes him more confident in other approvals.
Read more: St. Louis Post-Dispatch