General Electric pulls out of Electrolux deal

General Electric pulls out of Electrolux deal

American General Electric has pulled out of the gigantic deal it had in place with Swedish Electrolux, after the American antitrust authority blocked the deal.

"Break up fee"

Electrolux was willing to pay 3.3 billion dollars (3 billion euro) to acquire General Electric's appliance division, a deal announced in September 2014. The American antitrust authority has now blocked the deal as it feels Electrolux and its competitor Whirlpool would dominate too much of the American market.

 

Electrolux decided to appeal the decision in a court case it launched last month, but General Electric has now decided it will not wait for a court's decision. The Swedish company is said to be disappointed at General Electric's move.

 

The American company now demands a 175 million dollar (162 million euro) "break up fee", while Electrolux says the failed acquisition will definitely cost about 100 million euro.

Questions or comments? Please feel free to contact the editors


Samsung targets record fourth quarter profit

09/01/2018

Korean technology firm Samsung has released preliminary quarterly results indicating it forecasts record profits in 2017’s fourth quarter. Nevertheless, it does not seem it can live up to analysts' expectations.

MediaMarkt's co-founder passed away

28/12/2017

Erich Kellerhals, co-founder of electronics chain MediaMarkt, has died on Christmas day, aged 78. The German laid the foundation for one of the world’s largest electronics chains in 1979.

Media Markt's parent company thrives thanks to online

19/12/2017

Media Markt and Saturn’s new parent company, CECONOMY, has performed well in its fiscal year 2016/2017. Its 1.3 % turnover increase was largely thanks to improved online sales.

Carrefour and Fnac Darty consider purchase alliance

01/12/2017

Supermarket firm Carrefour and electronics seller Fnac Darty are considering an alliance for their electronics acquisitions. The combination could lower purchase prices.

Media Saturn launches a first, fully virtual shopping world

21/11/2017

Saturn customers can use their own VR goggles to see products in two virtual environments. It is not yet possible to actually buy something in VR however.

Pieter Haas, CEO Ceconomy: "We sell the consumer a digital life"

03/11/2017

MediaMarkt’s parent company, Ceconomy, has the key to consolidate the European electronics industry even more. The retailer will sell services and solutions: “We help people make the right decisions.”

Back to top