Tue, Sep. 29, 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.
Thu, Jul. 2, 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)
Wed, Jul. 1, 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
Wed, Jul. 1, 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.
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. 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.
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. 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.
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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
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