A PYMNTS Company

EU: GE has a week to persuade Commission to let it buy Alstom

By  |  July 8, 2015

US conglomerate General Electric has just over a week to offer concessions and head off EU regulatory concerns about its 12.4-billion-euro bid for Alstom’s power unit, a person familiar with the matter said on Wednesday.

The company faces a tough challenge after the European Commission warned that the deal could hurt competition as it would result in just two gas turbine companies in Europe – GE and German rival Siemens.

GE Chief Executive Jeff Immelt has said the company is ready to offload intellectual property rights to some of Alstom’s assets but industry players suggest that it may have to do more, such as selling assets.

The Commission is scheduled to decide by Aug. 21 whether to clear the deal.

The lawsuit seeks damages for individuals who have purchased airline tickets at artificially high prices due to the airlines alleged agreement to restrict capacity.

Full content: The Economic Times

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