Deals
Electrolux Settlement Proposal for GE Case Rejected by U.S.
- Official says talks to resolve antitrust lawsuit have ended
- DOJ sued to block $3.3 billion deal for GE appliance unit
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Electrolux AB plunged in U.S. trading after the Justice Department rejected a proposal to resolve a government lawsuit seeking to block the $3.3 billion takeover of General Electric Co.’s household-appliance business.
The Stockholm-based company’s offer to sell assets falls “well short” of replacing the competition that would be lost as a result of the deal, Ethan Glass, a lawyer for the department’s antitrust division, said at a hearing Friday in Washington federal court. Settlement discussions have ended, he said.