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Electrolux AB (ELUXb.ST)

ELUXb.ST on Stockholm Stock Exchange

213.10SEK
2 Dec 2016
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0.20kr (+0.09%)
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Latest Key Developments (Source: Significant Developments)

Keith McLoughlin to retire from Electrolux and will be succeeded by Jonas Samuelson as President and CEO
Monday, 11 Jan 2016 02:00am EST 

Electrolux AB:Says Keith McLoughlin has notified the board that he wishes to retire from Electrolux.Says board has appointed Jonas Samuelson as new president and CEO of Electrolux as of Feb. 1, 2016.Says Samuelson is currently head of the business area Electrolux Major Appliances Europe, Middle East and Africa.  Full Article

Electrolux AB to cut costs in Small Appliances unit, pay GE termination fee
Wednesday, 9 Dec 2015 02:00am EST 

Electrolux AB:Cost reduction program within Small Appliances and information on costs related to ge appliances.Says operations continue to be negatively impacted by reduced volumes in several key markets, as well as unfavorable currency movements.Says measures to restore profitability are being taken, including staff reductions and downsizing of activities, mainly in the U.S., Sweden and China.Says ‍these actions are expected to reach full effect from end of 2016, with estimated annual cost savings of 120 million​ Swedish crowns.Says ‍costs related to program are expected to amount to 190 million​ crowns.Says ‍in accordance with terms of transaction agreement, Electrolux will pay termination fee of $175 million to General Electric.  Full Article

General Electric Co calls off Electrolux AB appliance deal amid U.S. antitrust fight - Reuters
Monday, 7 Dec 2015 04:42pm EST 

Electrolux AB:General Electric on Monday walked away from a $3.3 billion agreement to sell its appliances business to Sweden's Electrolux, terminating the deal after months of opposition from U.S. antitrust regulators - RTRS.GE GE.N said it would pursue other suitors for its century-old appliance unit but declined to say who they might be - RTRS.The U.S. Justice Department had filed a lawsuit in July asking a judge to stop the deal, arguing that it would push appliance prices up by 5 percent - RTRS.Electrolux, GE and larger competitor Whirlpool WHR.N make up more than 90 percent of major kitchen appliances sold to homebuilders, according to the lawsuit - RTRS."This deal was bad for the millions of consumers who buy cooking appliances every year. Electrolux and General Electric could not overcome that reality at trial," said Deputy Assistant Attorney General David Gelfand of the department’s Antitrust Division. - RTRS.  Full Article

Electrolux AB says acquisition of GE Appliances not to be completed
Monday, 7 Dec 2015 02:00am EST 

Electrolux AB:Says that General Electric (GE) has notified Electrolux that it has terminated agreement pursuant to which Electrolux had agreed to acquire appliance business of GE.Says termination is effective as of Dec. 7, 2015.Says therefore, the transaction will not be completed.Proposed acquisition was announced on Sept. 8, 2014.As previously communicated, on July 1, 2015 the US Department of Justice (DOJ) sued Electrolux and GE to stop the proposed acquisition.  Full Article

Electrolux says not in settlement discussions with DOJ over GE case
Monday, 23 Nov 2015 02:00am EST 

Electrolux AB:Comments on speculations on settlement.Says vigorously contests effort by U.S. Department of Justice (DOJ) to oppose transaction.Says is currently not in settlement discussions with DOJ.Expects the trial to conclude in December and anticipates that the Court will reach its decision by late this year or in Jan. 2016, and if resolved favorably, it expects to close the transaction soon after such resolution, following regulatory approvals.  Full Article

Electrolux AB - No settlement likely as Electrolux heads to trial over GE bid - Reuters
Thursday, 5 Nov 2015 12:17pm EST 

Electrolux AB:AB Electrolux is not in settlement talks with the U.S. Justice Department on its bid for General Electric's appliance business, a lawyer for Electrolux said on Thursday as the two sides prepared for a trial starting next week - RTRS.The United States asked a federal court in July to stop Electrolux, which makes Frigidaire, Kenmore and Tappan appliances, from buying GE's appliance business for $3.3 billion. The two sides go before a judge on Monday - RTRS."There are no settlement talks under way. There is no additional settlement being considered," said Joe Sims, an attorney for the Swedish company that makes Frigidaire, Kenmore and Tappan appliances - RTRS."I don't think there's any realistic possibility that there will be a settlement." - RTRS.Sims said that Electrolux would call as witnesses top executives of both Electrolux and GE's appliance business, as well as executives from retailers and homebuilding companies - RTRS.The agency has argued that Electrolux and GE, along with Whirlpool Corp WHR.N, make 90 percent of the stoves and ovens sold to big builders and property managers in the United States - RTRS.The department said the proposed deal violates U.S. antitrust law, which is designed to stop mergers that would raise prices for consumers - RTRS.  Full Article

Electrolux AB - U.S. Justice Dept. rejects Electrolux proposal on GE appliance business - Reuters
Friday, 30 Oct 2015 01:12pm EDT 

Electrolux AB:The U.S. Justice Department rejected an Electrolux offer to settle a fight over whether the Swedish company would be allowed to buy General Electric's appliance business, saying it was inadequate - RTRS.Justice Department lawyer Ethan Glass said on Friday "the proposal was well short of replacing competition" that would have been lost because of the deal - RTRS.Electrolux lawyer John Majoras said the Swedish company had believed that the offer to sell certain, undisclosed assets would resolve the issue. "There are no ongoing discussions," he added.- RTRS.The two men spoke at a hearing preceding a mini-trial set to begin on Nov. 9 to determine if the $3.3 billion deal can go forward - RTRS.At the hearing, Judge Emmet Sullivan of the U.S. District Court for the District of Columbia urged the two sides to continue to work on a settlement. "Hope springs eternal," he said - RTRS.The United States asked a federal court in July to stop Electrolux, which makes Frigidaire, Kenmore and Tappan appliances, from buying GE's appliance business for $3.3 billion - RTRS.The government believes the proposed deal violates U.S. antitrust law, which is designed to stop mergers that would raise prices for consumers - RTRS.  Full Article

Electrolux AB offers to settle U.S. antitrust fight over appliance deal - Reuters
Tuesday, 20 Oct 2015 08:00pm EDT 

Electrolux AB:Electrolux has offered to settle its fight with the Justice Department over whether it will be allowed to buy General Electric's appliance business, but the U.S. Justice Department's initial reaction to the offer was negative -RTRS.Electrolux gave an offer to the Justice Department, said Electrolux lawyer John Majoras in a pre-trial hearing on Wednesday. Majoras said that Electrolux was working with third parties who may be interested in buying divested assets but did not say which assets those were -RTRS.Justice Department lawyer Ethan Glass did not reject the settlement but said it looked similar to one that the government received in June. "We're on Earth and they're on Mars," he said, indicating that their positions were far apart -RTRS.District Court Judge Emmet Sullivan, who will decide if it is appropriate to stop the proposed acquisition, urged the parties to reach an agreement. "I'd be shocked if it was the same offer," he said -RTRS.The United States asked a federal court in July to stop Electrolux, which makes Frigidaire, Kenmore and Tappan appliances, from buying GE's appliance business for $3.3 billion -RTRS.The Justice Department argued that Electrolux and GE, along with Whirlpool, make 90% of the stoves and ovens sold to big builders and property managers in the United States - RTRS.The department said the proposed deal violates U.S. antitrust law, which is designed to stop mergers that would raise prices for consumers -RTRS.  Full Article

Electrolux CEO says settlement over GE deal still an option-Reuters
Thursday, 2 Jul 2015 03:16am EDT 

Electrolux AB:Electrolux CEO says remains confident GE Appliances acquisition will close this year-Reuters.CEO says it is not unusual with differences in opinion between acquirer and DOJ - doesn't mean a deal won't be closed.CEO says as in initial stage of litigation won't be able to discuss details of case.CEO says options still includes settlement, says company will be "rational and reasonable".Says have been discussions with DOJ on remedies but so far have not been successful.Sees process could last between 2 and 6 months, shouldn't drag on for years.Says would not make sense for Electrolux or GE to make a partial acquisition.  Full Article

DoJ lawyers oppose GE unit's sale to Electrolux -Reuters
Thursday, 2 Jul 2015 02:29am EDT 

Electrolux AB:U.S. Justice Department antitrust lawyers have opposed Electrolux AB plan to buy General Electric Co's household appliance business according to source familiar with investigation-Reuters.Lawyers have disapproved of the $3.3 billion deal as proposed, according to the source.The decision to file a lawsuit to block the deal ultimately rests with senior officials in the antitrust division.Electrolux declined to comment, and the DOJ and GE were not immediately available for a comment.Sweden's Electrolux agreed to buy GE's century-old appliance business in September 2014.  Full Article

UPDATE 2-Electrolux sees slower demand after cost cuts boost Q3 profit

* Q3 op profit SEK 1.83 bln vs consensus 1.73 bln (Adds CEO comments, detail, share price)