EU ready to give go-ahead to GE, Alstom deal

September 08, 2015 08:49
General Electric has offered 12.4 billion euros (US$13.9 billion) for Alstom's power business, its largest ever deal. Photo: Bloomberg

European Union regulators are expected to approve on Tuesday General Electric's 12.4 billion euro (US$13.9 billion) bid for French peer Alstom's power business, its largest ever deal, Reuters reported, citing unnamed sources.

US authorities, the other key regulatory approval still pending, are also expected to give their go-ahead on the same day, the news agency said.

Reuters reported on Aug. 14 that the deal would be approved by the European Commission with conditions.

The EU green light will come as a relief to GE, 14 years after the Commission stymied its US$42 billion offer for Honeywell International despite clearance by US authorities.

It will also allow it to implement a major cost-cutting program 16 months after announcing the deal.

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