US antitrust officials want Electrolux AB to sell its entire US business to resolve a lawsuit seeking to block its takeover of General Electric household appliance business, according to a lawyer for Electrolux.
“I’m convinced the only proposal, the only remedy, the government would find acceptable would be for Electrolux to essentially divest itself of its entire business in the United States,” said Joe Sims, a partner at Jones Day in Washington, on a conference call with reporters Thursday. “That obviously would not be a solution that would preserve the value of the transactions,” he said.
The US has already rejected Electrolux’s proposals to settle the Justice Department lawsuit seeking to block the $3.3 billion transaction. The trial is slated to start Nov. 9.
Full content: Reuters
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