Sep. 8, 2015, 10:25 AM
- General Electric (GE +2.1%) officially wins European Union approval to buy most of Alstom’s (OTCPK:ALSMY +6.3%) energy business, as GE’s pledge to sell gas-turbine assets to an Italian rival helps ease antitrust concerns over the plan.
- GE says it will sell "central parts of Alstom’s heavy-duty gas turbines business” to Ansaldo Energia to ease the concerns of EU regulators that the deal would lead to higher prices in Europe for large gas turbines.
- GE also divest the long-term servicing contracts for 34 turbines that have already been installed by Alstom; GE has said that Alstom’s servicing contracts were a key part of the deal, but WSJ reports that the divested contracts amount to only 4% of Alstom’s total installed base.
Aug. 17, 2015, 5:35 AM
- Alstom (OTCPK:ALSMY) shares are riding high, following Friday's report that suggested GE will secure EU approval for its proposed €12.4B acquisition of the French firm's power unit.
- Italian company Ansaldo Energia (OTC:ASDOF) is considered the preferred buyer for the assets GE has offered regulators to clear the deal.
- Alstom shares +7.1% in France.
- Previously: Reuters: EU likely to approve GE deal to buy Alstom power unit (Aug. 14 2015)
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Industry: Electronic Equipment