A PYMNTS Company

EU: GE open to concessions to get Alstom deal approval

By  |  May 11, 2015

General Electric Co said on Monday for the first time it would be willing to consider concessions in order to win European approval to acquire the power equipment unit of France’s Alstom.

“We are willing to explore remedies to get this deal done even though again we believe in the merits of the deal,” Steve Bolze, president and CEO of GE Power & Water, the conglomerate’s biggest industrial unit, told Reuters in an interview.

Any concessions would have to “preserve the deal economics and our strategic value,” he said.

Bolze, however, declined to discuss any potential areas of remedies that GE might consider.

The Alstom deal, which would be the biggest acquisition in GE’s history, stands to expand GE’s installed base of power turbines, which would allow GE to gain even more lucrative revenue from servicing the equipment.

 

Full content: Bloomberg

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