© vladek dreamstime.com Electronics Production | November 23, 2015
Electrolux comments on speculations on settlement
Electrolux proposed acquisition of the appliances business of General Electric has hit a few bumps on the road – the most recent came when the US Department of Justice filed a complaint in Federal court seeking to stop the acquisition.
Bellow follows Electrolux' statement: On July 1, 2015, the U.S. Department of Justice filed a Complaint in Federal Court seeking to stop Electrolux proposed acquisition of the appliances business of General Electric. Electrolux vigorously contests this effort by the DOJ to oppose the transaction and remains confident in its assessment of the competitive merits of this transaction and its favorable impact on consumers. The review of the proposed acquisition has continued in a court procedure and the trial begun on November 9, 2015. Electrolux expects the trial to conclude in December and anticipates that the Court will reach its decision by late this year or in January 2016, and if resolved favorably, it expects to close the transaction soon after such resolution, following regulatory approvals. Occasionally, disputes like this one are resolved by settlement. While Electrolux may be willing to consider a reasonable settlement with DOJ, Electrolux is currently not in settlement discussions with DOJ. Given the nature of this matter, it cannot be ruled out that settlement discussions may arise or that references to such discussions may be made by counsels of DOJ or Electrolux within the court procedure. As the outcome of any such potential discussions is inherently uncertain, Electrolux does not plan to make any further comments on whether discussions have been or will be initiated, or the status thereof, until it is relevant to provide further updates.