A PYMNTS Company

EU: Alstom to pay 300 million euros to gain antitrust clearing

 |  July 27, 2015

Alstom is to accept 300 million euros less than previously agreed for its power turbines unit from General Electric as a contribution to the US based buyer’s efforts to win antitrust clearance in Europe.

“In order to support General Electric in its offering of a comprehensive set of remedies addressing the concern of the(European) Commission, Alstom’s board… would contribute financially to such remedy package through a reduction of 300 million euros,” the French engineering company said in a statement.

“The parties continue to have constructive discussions with the Commission regarding the transaction,” it added.

On July 16, GE said it had offered unspecified concessions in an attempt to counter EU regulatory concerns about the deal, which was announced last year and would be its biggest ever acquisition.

Full content: The Street

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.