The Justice Department filed an antitrust lawsuit to stop Electrolux from buying GE’s appliance business. Official says “proposed acquisition would leave millions of Americans vulnerable to price increases.”
Bloomberg reported Wells Fargo and TD Bank are exploring offers for a batch of U.S. commercial-lending businesses General Electric Co. is selling as it whittles down its finance arm.
General Electric reportedly plans to sell off most of its finance arm within two years, as it seeks to complete a transformation that began during the tumult of the financial crisis.
In his letter to shareholders, GE chief executive Jeff Immelt said, “To be clear, GE is an industrial company first and foremost. GE Capital must enhance our industrial competitiveness, not detract from it.”
Heritage Global Partners announced it is teaming with Perfection Industrial Sales to oversee the sale of former assets of General Electric at its GE Energy Management Division Plant in Mankato, MN.
Bloomberg reported that GE will take a $1.7 billion charge after agreeing with Shinsei Bank to conclude an obligation to compensate the Japanese lender for interest refund claims.
Reuters reported court papers show General Electric agreed to pay as much as $18.25 million to settle a class action lawsuit accusing it of rigging bids for municipal securities.
The Wall Street Journal reported that General Electric is preparing to spin off its retail lending unit that issues store credit cards for 55 million Americans.