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GE eyeing some Allco Finance assets: report

SYDNEY
Mon Feb 18, 2008 4:26pm EST

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SYDNEY (Reuters) - General Electric Co (GE.N) is the latest company to be seeking the assets of troubled Australian asset manager Allco Finance Group AFG.AX, The Australian Financial Review newspaper reported on Tuesday.

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GE is a new contender for the aircraft and shipping leasing, property and power assets of Allco, the business daily said, without naming a source. The paper did not elaborate.

Allco, which deferred the release of its earnings results for a second time on Monday, has opened its books to potential suitors and has suspended trading in its shares.

The company's aircraft and shipping leasing divisions have attracted interest from Macquarie Group Ltd (MQG.AX) and private equity firm Texas Pacific Group TPG.UL, media reports have said.

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