Deals
Department of Justice Wants Electrolux to Divest Its Entire U.S. Business
- Swedish manufacturer disagrees with U.S. on appliance deal
- Company isn't having settlement talks with Justice Department
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Electrolux AB would have to sell its entire U.S. business to resolve a federal lawsuit seeking to block the planned $3.3 billion takeover of General Electric Co.’s household appliance business, according to a lawyer for the Swedish manufacturer.
“I’m convinced the only proposal, the only remedy, the government would find acceptable would be for Electrolux to essentially divest itself of its entire business in the United States,” Joe Sims, a partner at Jones Day in Washington, said Thursday on a conference call with reporters. “That obviously would not be a solution that would preserve the value of the transaction.”