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

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