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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GE Aerospace | NYSE:GE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-2.73 | -1.66% | 161.76 | 166.2558 | 161.58 | 163.56 | 6,723,602 | 01:00:00 |
By Brent Kendall
WASHINGTON--Justice Department antitrust enforcers on Wednesday filed a lawsuit seeking to block Electrolux AB from acquiring General Electric Co.'s appliance business, alleging the deal would hurt competition.
The department filed a 15-page legal complaint against the $3.3 billion deal in a Washington federal court.
Swedish appliance maker Electrolux said it would "vigorously" contest the U.S. Department of Justice's decision. The statement came minutes after the Justice Department made its announcement.
The department alleged the deal would leave Americans vulnerable to higher prices for cooking appliances
Electrolux last year announced it had entered into an agreement to acquire GE's home-appliance unit.
Electrolux said it doesn't agree with the DOJ's assessment and that it believes the acquisition will increase competition and provide consumers access to a greater choice of products at a wider range of competitive prices.
The company said the DOJ's opposition was inconsistent with its 2006 approval of Whirlpool's acquisition of Maytag--at the time one of Whirlpool's major competitors on the U.S. home-appliance market.
GE said the companies would vigorously defend the deal. "GE continues to believe that GE Appliances' customers, consumers and employees will benefit from Electrolux's commitment to the appliance business and its ability to compete with global competitors," the company said in a statement.
"The review of the proposed acquisition will now continue in a court procedure," Electrolux said in a statement.
The transaction has already obtained regulatory approval in Brazil, Canada and Ecuador, but is subject to filing requirements in a few more countries in Latin America.
Electrolux said it still expects the transaction to close in 2015.
Write to Christina Zander at christina.zander@wsj.com and Brent Kendall at brent.kendall@wsj.com
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