BRUSSELS, June 13 U.S. conglomerate General
Electric has offered concessions to try to win EU
regulatory approval for its $4.3 billion proposed purchase of
Italian plane components maker Avio, a deal intended to boost
its global supply chain.
The European Commission said on its website it would decide
on the deal by July 2, extending the deadline from June 18. It
did not provide details of the concessions, sticking to its
Companies typically offer to sell assets or modify their
business practices to allay competition concerns.
Avio, which makes parts for the GE Dreamliner engine used by
Boeing Co and also counts engine-maker Rolls-Royce
Holdings as one of its customers, is considered one of
Italy's industrial jewels and one of the most technologically
advanced firms in its field.
GE is buying Avio from private equity fund Cinven and
Italian state-controlled defence group Finmeccanica.