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GE GE Aerospace

168.05
-0.51 (-0.30%)
Pre Market
Last Updated: 09:50:33
Delayed by 15 minutes
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
  -0.51 -0.30% 168.05 330 09:50:33

EDF Takeover of GE Units Could Raise National Security Concerns, UK Government Says

08/08/2023 8:04am

Dow Jones News


GE Aerospace (NYSE:GE)
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   By Giulia Petroni 
 

The U.K. government says French utility EDF's proposed acquisition of General Electric's nuclear steam-power business could raise some national security concerns and has ordered the companies to meet certain requirements.

"A risk to national security will arise because of the critical national security and defense capabilities relating to naval propulsion systems which are delivered through the GE Oil & Gas Marine & Industrial UK Limited and GE Steam Power Limited UK facility," the government said late on Monday.

EDF Energy is set to acquire the business through its subsidiary Geast UK. The bid was cleared by the U.K.'s market regulator in May.

The U.K. government ordered the parties to meet some security needs, including the implementation of governance arrangements to protect sensitive information and the placement of a government-appointed observer on the board of Geast UK, among other things.

EDF Energy and General Electric weren't immediately available for comment when contacted by Dow Jones.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

August 08, 2023 02:49 ET (06:49 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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