AB Electrolux ADR B(ELUXY)- OTCPK - Current
  • Sun, Jan. 3, 8:45 AM
    • Despite a record-setting year for M&A, 2015 has also been full of plenty of no's from U.S. antitrust officials:
    • Staples (NASDAQ:SPLS) agreed to buy its rival Office Depot (NASDAQ:ODP) in February for more than $6B, but regulators worried the tie-up would eliminate competition and sought to block the merger in December.
    • Although General Electric (NYSE:GE) decided to sell its appliances business to Electrolux (OTCPK:ELUXY) for $3.3B in 2014, the Justice Department filed suit this summer, alleging the deal would result in higher kitchen appliance prices. GE walked away from the deal last month.
    • Sysco (NYSE:SYY) reached its $3.5B deal for U.S. Foods in December 2013, hoping the combination would help it cut costs, however, the tie-up got shot down by the FTC in June.
    • The nation's two biggest cable operators, Comcast (NASDAQ:CMCSA) and Time Warner Cable (NYSE:TWC), reached a $45.2B deal to combine in February 2014, although the DOJ said the merger would make Comcast "an unavoidable gatekeeper for Internet-based services." The latter canceled the deal in April.
    • Thai Union (OTC:TUFRF), owner of the Chicken of the Sea brand, struck a $1.5B deal for U.S. rival Bumble Bee Seafoods in December 2014, but the companies walked away from the agreement a year later amid antitrust objections.
    | Sun, Jan. 3, 8:45 AM | 19 Comments
  • Dec. 7, 2015, 10:15 AM
    • What's next for Electrolux (OTCPK:ELUXY -14.1%) after its GE appliance deal failed? The company will look to unearth potential acquisitions in Latin America and other emerging markets, where it's underrepresented, CEO Keith McLoughlin said Monday.
    • "We're not going to back up here...it's rather accelerate forward. If we see an opportunity to make a transformational move, we're not afraid to do that."
    • The Stockholm-based company typically monitors dozens of targets, and those opportunities will now be reviewed.
    • Previously: GE takes Electrolux deal off the table (Dec. 07 2015)
    | Dec. 7, 2015, 10:15 AM
  • Dec. 7, 2015, 2:49 AM
    • General Electric (NYSE:GE) has abandoned plans to sell its appliance business to Electrolux (OTCPK:ELUXY), with the latter paying a termination fee of $175M to end the transaction.
    • "Although we are disappointed...Electrolux is confident that the group has strong capabilities to continue to grow and develop its position as a global appliances manufacturer," CEO Keith McLoughlin said in the statement.
    • Both companies were being sued by the Justice Department to stop the deal, which would have combined the number two and three domestic appliance makers in the U.S.
    | Dec. 7, 2015, 2:49 AM | 19 Comments
  • Nov. 9, 2015, 10:45 AM
    • As Electrolux (OTCPK:ELUXY) prepares to fight in court to buy GE's appliance business, the Swedish company may prefer to divest brands than factories if it aims to reach a settlement to salvage the $3.3B deal.
    • A sale of manufacturing sites "would be a commercial nightmare," reports Bloomberg quoting Handelsbanken analyst Karri Rinta. Selling GE oven brands makes more sense although it might be "insufficient."
    • The DOJ has argued that Electrolux's planned takeover of GE's appliance business would leave some buyers only two options for their household cooking goods purchases: Electrolux and Whirlpool.
    • Previously: DOJ battle with Electrolux reverberates (Nov. 05 2015)
    • Previously: U.S. rejects GE-Electrolux settlement offer (Nov. 02 2015)
    | Nov. 9, 2015, 10:45 AM
  • Nov. 2, 2015, 6:14 AM
    | Nov. 2, 2015, 6:14 AM | 23 Comments
  • Oct. 21, 2015, 4:59 PM
    • General Electric (NYSE:GE) and Electrolux (OTC:ELUXF, OTCPK:ELUXY) has made another proposal to settle a U.S. antitrust lawsuit aiming to block the $3.3B purchase of GE’s appliance business, but the Justice Department says it looks much like an earlier offer it rejected.
    • The two sides are set to meet tomorrow, but a government attorney told a federal judge today that wide disagreement remains.
    • Electrolux has said it would sell “certain assets” as part of a settlement of the case but has not revealed any details about what kind of asset divestitures may be included.
    | Oct. 21, 2015, 4:59 PM | 3 Comments
  • Sep. 29, 2015, 6:15 PM
    • The U.S. Department of Justice, which is suing to stop Electrolux (OTC:ELUXF, OTCPK:ELUXY) from buying GE's appliance business, says it has not received any settlement offer from the companies that might allow the deal to proceed.
    • When the judge hearing the DoJ's challenge to Electrolux's proposed acquisition - on the grounds that it would concentrate market share among too few rivals - asked at a pre-trial hearing today whether there was a chance the dispute would settle out of court, a DoJ lawyer did not rule out an eventual settlement but said no proposals had been received so far.
    • The U.S. asked a federal court in July to stop Electrolux, which makes Frigidaire, Kenmore and Tappan appliances, from buying GE's appliance business.
    | Sep. 29, 2015, 6:15 PM | 11 Comments
  • Jul. 2, 2015, 3:52 AM
    • Electrolux (OTCPK:ELUXY) shares are down 10% in Sweden after the DOJ filed lawsuit aimed at stopping the company's $3.3B deal to acquire GE's (NYSE:GE) appliance business.
    • In a conference call today, Electrolux CEO Keith McLoughlin said buying parts of unit would not make sense for either party, but a settlement still remained in the cards.
    • "Everybody we talk to says the process could last between 2 and 6 months, and shouldn't drag on for years," he added.
    • Previously: Justice Department sues to block Electrolux’s $3.3B deal with GE (Jul. 01 2015)
    | Jul. 2, 2015, 3:52 AM | 7 Comments
  • Jul. 1, 2015, 3:14 PM
    • The U.S. Justice Department says it has filed a lawsuit aimed at stopping Electrolux (OTC: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
    | Jul. 1, 2015, 3:14 PM | 28 Comments
  • Jul. 1, 2015, 12:28 PM
    • Antitrust lawyers at the U.S. Justice Department oppose Electrolux’s (OTC:ELUXF, OTCPK:ELUXY) plan to buy General Electric’s (GE +0.1%) appliance business, Bloomberg reports.
    • Staff attorneys at the DoJ’s antitrust division are said to have recommended against the $3.3B deal as currently proposed; a final decision about whether to file a lawsuit to block the deal rests with senior officials at the division.
    • If the deal goes through, the Electrolux-GE operations would control ~40% of the North American appliance market.
    | Jul. 1, 2015, 12:28 PM | 12 Comments
  • Sep. 8, 2014, 2:21 AM
    • General Electric (NYSE:GE) has signed a definitive agreement to sell its appliance business to Electrox (OTC:ELUXF, OTCPK:ELUXY) for $3.3B.
    • "GE's premium, high-quality appliances complement our own iconic brands and will enhance our presence in North America" says Electrolux CEO Keith McLoughlin.
    • Electrolux will continue use of the GE Appliances brand following the close of the transaction (targeted for 2015).
    | Sep. 8, 2014, 2:21 AM | 17 Comments
  • Sep. 4, 2014, 11:33 AM
    • Electrolux (OTC:ELUXF, OTCPK:ELUXY) is near a deal to buy General Electric's (GE +0.2%) appliance business for more than $2.5B, with an agreement set to be announced as early as next week, according to a Reuters report.
    • GE's iconic household appliance business, which along with lighting generated $8.3B in 2013 revenue, could help the Swedish appliance manufacturer expand beyond its core European market where growth has trailed North America.
    | Sep. 4, 2014, 11:33 AM | 7 Comments
  • Aug. 18, 2014, 6:36 PM
    • Around the time GE was closing a deal to buy Alstom's power business in France, the company was already discussing the possibility of selling its U.S. appliance business to Electrolux (OTC:ELUXF, OTCPK:ELUXY), and WSJ says the length of the courtship indicates the talks may be further along than thought.
    • GE's Appliance and Lighting unit reported $381M in profit in 2013 on sales of $8.3B, making it the third-smallest of GE's seven industrial business lines by revenue, but that also makes it a prime target for sale as GE tries to pare low-margin businesses and focus its efforts on such heavy industrial products as jet engines, power turbines and oil industry equipment.
    • LG Electronics and Samsung also are said to be in the mix of possible buyers, and Quirky Inc. reportedly has teamed up with Blackstone to work on a possible bid.
    | Aug. 18, 2014, 6:36 PM | 26 Comments
  • Aug. 14, 2014, 2:53 AM
    • General Electric (NYSE:GE) is in talks with Sweden's Electrolux (OTCPK:ELUXY) and Quirky, a consumer-product development startup, over the sale of its century-old appliances business that could fetch $2B.
    • Quirky would partner with private-equity firms to acquire a majority stake, leaving GE with a minority holding.
    • GE has been trying to sell its home appliances unit again as CEO Jeffrey Immelt puts a greater focus on industrial operations.
    | Aug. 14, 2014, 2:53 AM | 4 Comments
Company Description
Electrolux is a global leader in household appliances and appliances for professional use, selling more than 40 million products to customers in more than 150 markets every year.<br /><br />The company focuses on innovations that are thoughtfully designed, based on extensive consumer insight, to... More
Industry: Department Stores
Country: Sweden