EU deadline on GE's $13 billion Alstom deal extended to Aug. 6

Tue Mar 17, 2015 7:01am EDT
 
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BRUSSELS (Reuters) - European Union antitrust regulators have extended their deadline for a decision on General Electric's (GE.N: Quote) 12.4 billion euro ($13.15 billion) bid for Alstom's (ALSO.PA: Quote) power equipment business after a request from the U.S. group.

The European Commission, which opened a full-scale investigation last month on concerns that the deal could result in price increases, will now make its decision by Aug. 6 instead of July 8, according to a filing on its website.

GE said it is optimistic of obtaining EU clearance. The company has received the green light for more than 50 deals since the Commission blocked its planned $42 billion takeover of Honeywell International Inc (HON.N: Quote) in 2001.

"We have agreed with the European Commission to extend by 20 days the deadline for the Phase II investigation. We have a constructive dialogue with the Commission and we continue to work toward a positive outcome," spokesman Jim Healy said.

($1 = 0.9432 euros)

(Reporting by Foo Yun Chee; Editing by David Goodman)

 
The General Electric logo is seen in a Sears store in Schaumburg, Illinois, September 8, 2014. REUTERS/Jim Young