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Key Developments: Electrolux AB (ELUXb.ST)

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Latest Key Developments (Source: Significant Developments)

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

Electrolux AB's Charlotte employees laid off - WCNC.com
Thursday, 4 Jun 2015 08:00pm EDT 

Electrolux AB:Says laying off dozens of employees at its Charlotte headquarters and local distribution facility - WCNC.com.Say company isn't saying how many people lost their jobs the last two days, but employees say it is at least 100.Says response to the layoffs is it is focused on financial efficiency and future profitability.  Full Article

Electrolux AB: JP Morgan Asset Management raises Electrolux stake
Friday, 15 May 2015 02:36am EDT 

Electrolux AB:JP Morgan Asset Management raises stake in Electrolux to 5.0 pct.  Full Article

Electrolux AB proposes dividend
Friday, 27 Mar 2015 03:18am EDT 

Electrolux AB:Proposes dividend of 6.50 Swedish Crown per share.Says record date is March 30 and cash dividends are expected to be paid on April 2.  Full Article

Electrolux AB acquires professional dishwasher manufacturer in China
Thursday, 5 Feb 2015 03:00am EST 

Electrolux AB:Enters into an agreement to acquire Shanghai Veetsan Commercial Machinery Co. Ltd.,, one of the manufacturers of professional dishwashers in China, as part of its strategy to further accelerate growth in the professional segment.Electrolux business area Professional Products is a world in the production and distribution of professional food service and laundry solutions.The acquisition further strengthens Professional Products position in China as well as the Asia Pacific region, where the company sees potential for significant growth in the next few years.Closing is expected to take place during the first half of 2015 and is subject to authority approvals.  Full Article

Electrolux AB proposes 2014 dividend
Wednesday, 28 Jan 2015 02:21am EST 

Electrolux AB:Proposes dividend for 2014 of 6.50 Swedish crown per share.  Full Article

BRIEF-Feelgood Svenska signs deal with Electrolux

* Agreement is valid from and including May 2, 2015 Source text for Eikon: Further company coverage: (Gdynia Newsroom)