AB Electrolux ADR BOTCPK - Current
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  • Thu, Jan. 28, 4:15 AM
    • Deutsche Bank (NYSE:DB) -1% premarket after posting a full-year loss of €6.8B, as writedowns, litigation charges and restructuring costs took their toll.
    • Electrolux (OTCPK:ELUXY) slumped to a Q4 loss after costs from its failed GE deal weighed on results.
    • A strong dollar hit purchasing costs at H&M (OTCPK:HNNMY), resulting in a set of relatively lackluster earnings.
    • Roche (OTCQX:RHHBY) reported 5% fall in full-year net income as the strong Swiss franc countered gains from the company’s diagnostics and cancer treatment units.
    | Thu, Jan. 28, 4:15 AM
  • Mon, Jan. 11, 4:42 AM
    • Electrolux (OTC:ELUXF, OTCPK:ELUXY)CEO Keith McLoughlin announces his resignation from the company.
    • Jonas Samuelson will take over the CEO position on an interim basis.
    • The development takes place a month about GE backed out of the sale of its appliance business to Electrolux.
    | Mon, Jan. 11, 4:42 AM
  • 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. 9, 2015, 3:58 PM
    • Electrolux (OTC:ELUXF, OTCPK:ELUXY) agrees to pay GE a $175M breakup fee following this week's collapse of its deal to acquire its small-appliances unit.
    • Electrolux also says it will cut costs of ~190M kronor at the unit, with staff reductions and reduced operations in the U.S., Sweden and China.
    • Analysts say the breakup fee, compounded with the botched promise of creating a rival of Chinese leaders and Whirlpool, also might cost Keith McLoughlin his job as Electrolux CEO.
    | Dec. 9, 2015, 3:58 PM | 10 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. 23, 2015, 8:42 AM
    • Electrolux (OTC:ELUXF, OTCPK:ELUXY) denies reports that it is in settlement discussions with the U.S. Justice Department over its deal to buy GE's appliance business of GE.
    • While Electrolux says it may be willing to consider a reasonable settlement with the DoJ, it is not in settlement discussions; the Swedish appliance maker says it remains confident of the competitive merits of the deal and its favorable impact on consumers.
    • Electrolux is in the midst of an antitrust trial aimed at letting it proceed with its proposed $3.3B deal.
    | Nov. 23, 2015, 8:42 AM | 4 Comments
  • Nov. 19, 2015, 6:19 PM
    • In the trial adjudicating an antitrust fight between the Dept. of Justice and Electrolux (OTCPK:ELUXY +2.5%) and General Electric (GE -0.8%), Electrolux's chief argued again his company should be able to pursue a $3.3B deal for GE's appliance business.
    • The government has alleged that in a relatively consolidate market, U.S. consumers would pay 5% more for kitchen appliances if Electrolux got to stop competing with GE appliances. It's pursuing an injunction to stop the deal, but judge Emmet Sullivan is again pressing the two sides to settle.
    • Electrolux -- which makes Frigidaire, Kenmore and Tappan brands -- has said the DOJ isn't taking into account foreign competition, but today CEO Keith McLoughlin acknowledged the company's internal documents describe the U.S. appliance market as relatively consolidated compared to Europe. He's suggesting price increases in the U.S. have been prompted by hikes in input materials, including steel, nickel and petrochemicals.
    • The Justice Dept. is focusing on the lower-end kitchen appliances often put by homebuilders into new houses and apartments or sold at big box stores; 90% of the stoves and ovens sold to big builders and property managers are made by Electrolux, GE and Whirlpool, it says.
    • Previously: Trial begins as U.S. opposes $3.3B Electrolux-GE appliance deal (Nov. 09 2015)
    | Nov. 19, 2015, 6:19 PM | 3 Comments
  • Nov. 9, 2015, 7:01 PM
    • An antitrust tussle warmed up today with the beginning of a trial where the U.S. DOJ is pressing to stop Sweden's Electrolux (OTCPK:ELUXY +0.6%) from buying General Electric's (NYSE:GE) appliance business for $3.3B.
    • The DOJ began arguing today that U.S. consumers would pay 5% more for kitchen appliances if Electrolux -- makers of Frigidaire, Kenmore and Tappan brands -- doesn't have to compete with GE appliances any more, while Electrolux argues that view ignores growing overseas competition.
    • "If this merger isn't stopped, two-thirds of the ranges sold in the United States will be made by Electrolux," said the government's Ethan Glass.
    • In one main sales channel, Glass said, GE had 28% of range sales, Whirlpool 26%, Electrolux 23%, Electrolux's Kenmore 11%, Samsung 6% and LG 3%.
    • Samsung and LG are coming on strong, Electrolux says, and GE says that government approved the Whirlpool-Maytag deal in 2006 without triggering higher prices, despite higher concentration in washers and dryers.
    • Electrolux ADRs are up 0.5% after hours.
    | Nov. 9, 2015, 7:01 PM | 4 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. 5, 2015, 11:09 AM
    • The Department of Justice is pressuring Electrolux (OTCPK:ELUXY) to divest its entire U.S. business, according to Bloomberg.
    • The Swedish company plans to go to court in defense of the effort to buy GE's (GE -0.6%) appliances business. A lawyer for Electrolux says settlement talks with the DOJ have ended.
    • Electrolux ADRs are down 2.5%, while home appliance giant Whirlpool (NYSE:WHR) is down 2.2%.
    | Nov. 5, 2015, 11:09 AM | 11 Comments
  • 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, 9:06 AM
    • "I’m committed to the company and will remain that way," Electrolux (OTCPK:ELUXY) CEO Keith McLoughlin told reporters in a conference call, a week after a report suggested he would leave the company.
    • McLoughlin said confusion may have arisen because Electrolux is looking for an executive to run its North American operations, not the group.
    • Previously: Electrolux CEO to resign (Jun. 25 2015)
    | Jul. 2, 2015, 9:06 AM
  • 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