Electrolux AB (ELUXb.ST)
19 Sep 2017
Latest Key Developments (Source: Significant Developments)
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
STOCKHOLM Home appliance maker Electrolux reported its best quarterly operating margin in almost seven years boosted by strong progress in its biggest market, North America, sending its shares up 6 percent to a record high.