EU approves GE takeover of Alstom with conditions

Associated Press

EU approves GE takeover of Alstom with conditions

BRUSSELS (AP) — The European Union has approved General Electric's $14.1 billion takeover of the power and transmission division of French company Alstom, pending the sale of key parts of Alstom's heavy duty gas turbines business.

Tuesday's decision comes in the wake of an investigation to see if the takeover would distort the market. EU Antitrust Commissioner Margrethe Vestager said the approval of the deal depended on the sale of the gas turbines division since it would have hurt competition in a sector she sees as key to fighting climate change.

Still, she said the approval of the deal "shows that Europe is open for business and that Europe-based technology can thrive and attract foreign investment."

Vestager said parts of the heavy duty gas turbine business would be sold to Italy's Ansaldo.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs