Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.

Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.

09.12.2015 News

electrolux_ge_logos_webLarge manufacturers of kitchen appliances announced about the cancellation of the contract, according to which    Electrolux was going to buy a part of General Electric.

US regulators filed a claim to court in the summer of 2015 with the requirement to cancel the transaction between the companies (the amount of which was $ 3.3 billion), because this agreement could lead to a monopoly in the field of kitchen equipment. And in the end, it all would have struck at the prices for the equipment.

The litigation of the case began November 9, 2015. In a statement the plaintiffs argued that together Electrolux and General Electric Appliances account for 90% of US manufacturers of kitchen equipment.

In court the plaintiffs claimed that this transaction is very bad for the millions of consumers who purchase such equipment. The defendant could not bring the facts to prove another.

Electrolux Annual revenue was $ 2.6 billion, and General Electric annual sales are about $ 3.4 billion.

As a result, December 7, 2015, after a four-week trial, Electrolux and General Electric Appliances surrendered and abandoned their agreement to acquire Electrolux unit General Electric.

Companies have started talking about the deal and developed a plan for an agreement in August 2014; the transaction of the two largest manufacturers of kitchen equipment would be the largest acquisition of Electrolux. Firms planning to sign an agreement before the end of 2015, and the company said it would help US businesses become more successful worldwide. Companies want not only to increase its influence in the United States, but also to reduce European dependency.

Source: www.justice.gov

Other articles

  • The world’s first country legalized bitcoin as a means of payment
    News

    The world’s first country legalized bitcoin as a means of payment

    El Salvador was the first in the world to legalize bitcoin as an official means of payment. Such a law was passed by the country’s parliament. 62 parliamentarians supported the bill, 19 voted against, and three abstained. President Nayib Bukele intends to sign the law soon, after which it will take effect “immediately”. Thus, accepting […]

  • Pfizer has begun testing the COVID vaccine on children under 12 years of age
    News

    Pfizer has begun testing the COVID vaccine on children under 12 years of age

    Pfizer will test its COVID vaccine in children under 12 years of age. Radio Svoboda reported this with reference to the company’s statement. The study will involve up to 4,500 children in the United States, Finland, Poland and Spain. The drug is already approved for use in emergencies for adolescents 12 years and older in […]

  • The president promises industrial reform in 10 years
    News

    The president promises industrial reform in 10 years

    It takes at least 10 years to reform Ukrainian industry. President Volodymyr Zelensky stated this during the Ukraine 30 forum. “Modernization of industry, which has not taken place in Ukraine so far, will take place this time. We are talking about modernization of large industry, any, not just TPP. But do not believe those who […]

  • The media has learned that American billionaires pay meager taxes
    News

    The media has learned that American billionaires pay meager taxes

    In the United States over the past 15 years, 25 billionaires have paid a much lower income tax than they should have. ProPublica based on confidential data from the US IRS published the investigation. In particular, among the 25 billionaires are Berkshire Hathaway CEO Warren Buffett, former New York Mayor Michael Bloomberg, Amazon founder Jeff […]

  • Biden overturned Trump’s decree banning TikTok
    News

    Biden overturned Trump’s decree banning TikTok

    US President Joe Biden on Wednesday, June 9, signed a decree lifting restrictions against Chinese services TikTok and WeChat, imposed by former President Donald Trump. The press service of the White House reports. This is a decree of August 2020 on restrictions against the Chinese companies ByteDance and Tencent, which own the video service TikTok […]

  • Zoom projected revenue for 2021 at about $ 4 billion
    News

    Zoom projected revenue for 2021 at about $ 4 billion

    The company, which was boosted by the coronavirus pandemic, continues to grow customers despite declining video conferencing. From February to April, 497 thousand organizations bought the premium version of Zoom, which is almost 30 thousand more than in the period from November to January. Although these data suggest a slowdown in customer growth, as from […]

  • Virgin Galactic has announced a research flight
    News

    Virgin Galactic has announced a research flight

    Richard Branson’s aerospace company Virgin Galactic has announced a contract for a special research flight by Kelly Gerard, a member of the International Space Institute (IIAS). The astronaut will conduct experiments and test new health technologies while in space. The company’s shares in the premarket rose 7.61% to $ 33.5. “Much of our mission is […]

  • Biden blacklisted 59 Chinese companies
    News

    Biden blacklisted 59 Chinese companies

    U.S. President Joe Biden on Thursday signed a decree banning Washington from investing in 60 Chinese companies that the White House says are undermining U.S. security. “This executive order allows the United States to ban investments in Chinese companies that undermine the security or democratic values ​​of the United States and our allies,” the document […]

Read also

Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

In Kiev passed OSAC quarterly meeting dedicated to providing business

December  7, 2015 in Kiev in Radisson Blu Hotel passed a regular consultation meeting Overseas Security Advisory Council (OSAC). OSAC is an advisory body on security of US citizens and businesses abroad. It operates under the auspices of the US State Department. OSAC activities abroad aimed at cooperation in the security business. The composition of […]

Next
Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

The transactions of the Delta Bank at 22 billion UAH declared as negligible

Deposit Insurance Fund (DIF) in the period of the interim administration and liquidation of insolvent Delta Bank recognized as negligible 175 deals worth 22.292 billion UAH. According to the  DIF, in particular, to 11 business transactions, including the sale of the assets with the discount, or related parties, transaction of 12.2 million UAH were recognized […]

Next
Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

Bayer to invest $ 300 million in the creation of new businesses

In his new project, the pharmaceutical giant Bayer wants to unite the genome editing technology crispr with their experience in trying to develop new drugs. Bayer, in close cooperation with Crispr Therapeutics AG on the basis of new technologies will seek to establish modern medicines from hemophilia and heart disease of newborns. In a joint […]

Next
Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

Economical annual preview Ukraine 2017: Tomas Fiala

Inflation in Ukraine in 2017 has an upward trend. Experts predict the order of 8%. With regard to the dollar – the assumption is not very comforting. All these things and more were discussed at the general meeting of the EBA Ukraine’s Business Climate-Global Outlook, which took place on January 26, 2017. In 2017 on […]

Next
Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

PrivatBank is no longer private

On December 18 at 23:30 p.m. it was  posted the information on the site of the Governmental portal of Ukraine  that on  December 19, 2016, the PJSC Privatbank goes into 100 % ownership of the state. The text of the statement  also reports  that the decision was made at the meeting of the Cabinet of […]

Next
Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

Yaroslavsky is ready to attract $ 1 billion in investments for the Kharkiv Aircraft Plant

The owner and president of DCH Oleksandr Yaroslavsky is ready to attract $ 1 billion in investments in the restoration of the Kharkiv Aviation Production Enterprise. This statement is published on the official website of the DCH. “The DCH Group is ready to take responsibility for the resumption of domestic aircraft construction and raise $ […]

Next
Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

Mercedes has announced the recall of more than a million cars

Mercedes-Benz is recalling more than 1.3 million vehicles due to malfunctions of the emergency call system. It is noted that Mercedes-Benz previously learned about the accident in Europe, when the automatic emergency call system sent the wrong signal about the location of the car. The company launched an investigation in October 2019 and identified other […]

Next
Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

Information on the COVID-2019 quarantine

An emergency situation due to the coronavirus has been declared in Ukraine. Probably a lot of people still do not have a full understanding of what it is and what restrictions have been imposed for the society and business. We asked S&P Investment Risk Management Agency to explain everything in detail. All the details are […]

Next
Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

Kromberg&Schubert increases the investments in its plant in Zhitomir

The manufacturer of on-board cable systems is  ready to increase the number of workers from 900 to 5000 people. A foreign investor, a manufacturer of cable networks for automobiles – Kromberg and Schubert has invested in the production of automotive components plant in Zhitomir € 10 million, and it plans to double its investment and […]

Next
Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

American business will receive a $ 1 billion investment from Fiat Chrysler

After criticism of Donald Trump on autoenterprise facilities in Mexico, the US company for the construction of Chrysler cars decided to take only the local development of vehicles. It is reported by Ukrainian investment portal InVenture. So the company decided to create 2000 additional jobs in the United States planning to invest $ 1 billion […]

Next
Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

The Security Service of Ukraine disclosed the company that tried to assign 37 million UAH from Agrarian Fund

The Security Service of Ukraine (SSU) has disclosed the company in Rivne region, which was trying to assign means of “Agrarian Fund”, PJSC, said the SSU press-center. According to the report, “Agrarian Fund”, PJSC has concluded the exchange transaction with a private company for the supply of 16 thousand tonnes of wheat worth over 67 […]

Next
Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

The man, who founded the Kyivstar, now owns operator Giraffe

The ex-president and founder of the largest mobile operator Kyivstar Igor Litovchenko in Ukraine became the owner of the Wireless telecom provider SmartCommunications (TM Giraffe). Ukrainian edition Liga.net informed about this, referring to the State Register of natural persons-entrepreneurs and legal entities. According to official figures, Igor Lytovchenko is the owner of the Cyprus offshore Magnilda Holdings Ltd., which owns Giraffe. As said the […]

Next
Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

NBU gives the permission of Com in Bank purchase

NBU gave the permission on 100% of shares purchasing of Com in Bank to the foreign investors. The representatives of National bank of Ukraine made the official statement. According to the source, Stefan Pinter, the chairman of GML Capital Fund, submitted the application for implementation of the transaction about the  financial organisation assets acquisition two […]

Next
Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

Samsung will supply for the American operator Verizon 5G equipment worth to $ 6.6 billion

South Korean electronics maker Samsung Electronics has signed an agreement with US cellular operator Verizon to supply $ 6.64 billion worth of 5G equipment to the United States, reported Reuters. According to Samsung representative, the order concerns to supply of network equipment. Company declined to comment on the detailed terms of the contract. Noted that […]

Next
Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

Gaming giant Zynga bought rival game developer Peak Games for $1.85 billion

American company Zynga Inc. that creates popular social network games has closed a deal to buy everyone in circulation in the shares of the Turkish Peak Games. It is reported that the payment was almost equal to the funds and ordinary shares of the company. As part of the operation, Zynga received two franchises from […]

Next
Electrolux Company and General Electric Appliances abandoned the anticompetitive agreement for $ 3.3 billion.
News

“Food Solutions” reconstructs an abandoned cattle-breeding complex in Cherkassy region

The “Food Solutions” company reconstructs an abandoned cattle-breeding complex, which will include almost 5 thousand heads of young cattle in Sokolovka (Zhashkivskyi district, Cherkasy region),- says  the  “Uriadovy Courier”. According to the report, it has already made a significant range of works on the reconstruction of a cattle-breeding premises, and service buildings. In each of […]

Next
WP2Social Auto Publish Powered By : XYZScripts.com