The Traderszone Network

Published in TZ Latest News 26 June, 2015 by The TZ Newswire Staff

GE to defend Alstom power unit buy at EU hearing

General Electric (GE.N) will seek to convince doubtful EU antitrust regulators of the merits of its 12.4 billion euro (US$13.9 billion) bid for Alstom’s (ALSO.PA) power unit at a hearing, the U.S. conglomerate said on Saturday. The move came after the European Commission warned the company earlier this month that the deal, its biggest ever and a key element of its expansion into industrial products and away from finance, would harm competition. Senior officials from the EU competition authority, their counterparts from EU agencies and rivals are expected to attend the closed-door hearing.