Alstom pleaded guilty after a probe in which investigators found it paid more than $75 million in bribes over a decade to win $4 billion of contracts in countries such as Egypt, Indonesia, Saudi Arabia and Taiwan, generating $300 million of profit. (Reuters Photo/Stephane Mahe/Files)
EU to Give Go-Ahead to GE, Alstom Deal on Tuesday: Sources
SEPTEMBER 08, 2015
Brussels. European Union antitrust regulators will give their blessing on Tuesday to General Electric's 12.4 billion euros ($13.9 billion) bid for French peer Alstom's power business, its largest ever deal, two people familiar with the matter said on Monday.
European Competition Commissioner Margrethe Vestager will hold a press conference at 1400 GMT in Strasbourg to announce her approval following the weekly European Commission meeting, the sources said. The clearance, however, comes with conditions.
US authorities, the other key regulatory approval still pending, are also expected to give their go ahead around the same time on Tuesday.
Reuters reported on Aug. 14 that the deal would be approved by the European Commission with conditions.
The EU green light will come as a relief to GE, 14 years after the Commission stymied its $42 billion offer for Honeywell International despite clearance by US authorities.
It will also allow it to implement a major cost-cutting program 16 months after announcing the deal.