World Economy

Acquisition Prevented

Acquisition PreventedAcquisition Prevented

Sweden’s Electrolux said on Monday its deal to buy General Electric’s appliance business had fallen through after GE terminated the $3.3 billion agreement, Reuters reported. The US Department of Justice asked a federal court in July to stop Electrolux, which makes Frigidaire, Kenmore and Tappan appliances, from buying GE’s appliance business and has said the deal would push prices up by 5%. “Electrolux has made extensive efforts to obtain regulatory approvals, and regrets that GE has terminated the agreement while the court procedure is still pending,” Electrolux said in a statement.