EU opens in-depth probe of GE takeover of Alstom power unit - WAOW - Newsline 9, Wausau News, Weather, Sports

EU opens in-depth probe of GE takeover of Alstom power unit

Posted:

 The European Union has opened an in-depth probe of General Electric's $14.1 billion takeover of the power division of French company Alstom because of anti-competitive concerns.

   The European Commission made the move Monday after an initial investigation "indicates potential competition concerns in the market for heavy-duty gas turbines," which are used in gas-fired power plants, it said in a statement.

   EU Competition Commissioner Margrethe Vestager said the EU is "concerned that the proposed acquisition might not only lead to higher prices, but also result in less choice for customers and less innovation in the sector."

   The deal is part of the U.S. company's new focus on building and servicing industrial equipment such as aircraft engines, power-plant turbines and oil and gas drilling equipment.

Powered by Frankly