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US: GE scraps $3.3 billion sale to Electrolux

By  |  December 7, 2015

GE has scrapped a $3.3 billion plan to sell its home appliance business to the Swedish company Electrolux, a deal opposed by US regulators over concerns about competition.

The Fairfield, Connecticut, conglomerate said that it will continue to run the business as it looks for other options to sell it.

General Electric Co. offered no reason for its decision in a brief statement released Monday.

Electrolux is the world’s second-biggest home appliance maker after US rival Whirlpool. The Stockholm-based company sells most of its products in the US under the Frigidaire brand.

The US Department of Justice had sued to stop the deal in July, saying the combined company would dominate sales of ovens and other cooking-related kitchen appliances, especially to customers like home builders, property managers, hotels, and governments.

Electrolux said Monday that it “regrets that GE has terminated the agreement while the court procedure is still pending.”

Full content: BBC

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