WSJ: GE’s MetLife Deal Further Delayed
The Wall Street Journal reported that MetLife’s pact to sell the banking business to General Electric has fallen further behind schedule, leaving in limbo its bid to spend some of its excess capital on dividend increases and stock buybacks, as regulators continue to question GE’s plans for the unit.
The FDIC’s board met on September 12 and failed to take action on the deal, said the Journal citing people knowledgeable about the approval process. GE needs to win the support of the FDIC, which regulates the industrial conglomerate’s banking unit that is seeking to acquire the MetLife business and its $7.5 billion in deposits, the article noted.
To read the Wall Street Journal article, click here.
Previously on abfjournal.com: