Electrolux has offered to settle its fight with the Justice Department over whether it will be allowed to buy General Electric’s appliance business, but the U.S. Justice Department’s initial reaction to the offer was negative.
Electrolux gave an offer to the Justice Department on Tuesday, said Electrolux lawyer John Majoras in a pre-trial hearing on Wednesday. Majoras said that Electrolux was working with third parties who may be interested in buying divested assets but did not say which assets those were.
Justice Department lawyer Ethan Glass did not reject the settlement but said it looked similar to one that the government received in June. “We’re on Earth and they’re on Mars,” he said, indicating that their positions were far apart.
Majoras said that it was a different offer than in June, and that the two sides had meetings and planned to discuss it.
District Court Judge Emmet Sullivan, who will decide if it is appropriate to stop the proposed acquisition, urged the parties to reach an agreement. “I’d be shocked if it was the same offer,” he said.
Glass responded: “I assure you we take their settlement offer seriously.”
Full content: The Wall Street Journal
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