GE Calls Off Electrolux Appliance Deal
General Electric walked away from a $3.3 billion agreement to sell its appliances business to Sweden's Electrolux, terminating the deal after months of opposition from U.S. antitrust regulators.
GE said it would pursue other suitors for its century-old appliance unit but declined to say who they might be.
"The appliances business is performing well and GE will continue to run the business while it pursues a sale," the company said in a statement.
Shares of Electrolux, which sought to double its U.S. sales with the purchase, tumbled on the news, and the company said it will now focus on developing existing brands such as Frigidaire, Kenmore and Tappan and could look at other acquisitions.
For the full article, "GE calls off Electrolux appliance deal amid U.S. antitrust fight," click here.
GE said it would pursue other suitors for its century-old appliance unit but declined to say who they might be.
"The appliances business is performing well and GE will continue to run the business while it pursues a sale," the company said in a statement.
Shares of Electrolux, which sought to double its U.S. sales with the purchase, tumbled on the news, and the company said it will now focus on developing existing brands such as Frigidaire, Kenmore and Tappan and could look at other acquisitions.
For the full article, "GE calls off Electrolux appliance deal amid U.S. antitrust fight," click here.