General Electric has terminated the planned acquisition of its appliance business by the Swedish manufacturer Electrolux.
The 3.3 billion dollar deal was announced in September 2014, but was soon in trouble after the US Justice Department said the deal would hand Electrolux a US market share of some 40 percent.
The department sued both companies and said the deal was unfair because it would combine two of the leading manufacturers of ranges, cook-tops and wall ovens sold in the United States, eliminating competition that benefits US consumers.
GE's announcement on Monday took many by surprise since a decision wasn't expected for a few weeks. But at least one analyst saw the announcement coming.
- Editor:Albert | Source: Agencies
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