FTC approves GE purchase of Avio's aviation business
WASHINGTON (Reuters) - General Electric (GE.N) won U.S. antitrust approval for its $4.3 billion bid for Italian plane components maker Avio's aviation business, the Federal Trade Commission said on Friday.
The FTC approval was contingent on GE agreeing to not interfere with Avio's AeroEngine division's development of a key engine component for GE rival Pratt & Whitney.
In particular, Avio makes the accessory gearbox for Pratt & Whitney. Only GE and Pratt & Whitney make engines for Airbus's A320neo aircraft, the FTC said.
General Electric won EU clearance for the transaction on Tuesday, after agreeing to protect strategic information related to the Eurofighter project. Avio is a key supplier to the Eurofighter, which competes with other combat planes powered by GE engines.
- Israel rejects ceasefire plan, source says, as death toll nears 850 |
- Obama tells Central American leaders most children will go home
- First Ebola victim in Sierra Leone capital on the run
- Bad weather seen as probable cause of Air Algerie crash
- EU edges to economic sanctions on Russia but narrows scope |