- The U.S. Justice Department says it has filed a lawsuit aimed at stopping Electrolux (OTCPK:ELUXF, OTCPK:ELUXY) from buying GE's appliance business, saying the deal would hurt competition and consumers by combining two of the top makers of major cooking appliances.
- GE says it will vigorously defend the proposed acquisition as pro-competitive and pro-consumer, and that its goal remains to close the deal this year.
- It is not good news for GE, which wants to be an industrial conglomerate, is seeking to rid itself of most of its financial exposure business, and has wanted to get out of appliances unit for years now.
- Earlier: Bloomberg: GE unit sale to Electrolux opposed by antitrust staff