Politics

Feds thwart foreign purchase of GE's appliance division

The Justice Department on Monday welcomed General Electric's decision not to sell its appliances division to Electrolux of Sweden, a move the Obama administration says would have stifled competition in the United States.

GE offered to sell its major appliances division to Electrolux for $3.3 billion, but the Justice Department asked a court to stop the transaction over the summer. Justice said the sale would leave Electrolux with an anticompetitive edge over other appliance makers in the United States.

GE didn't say the federal government's action stopped the sale, but did say it opposed the government's action, and said it was best to "explore other options" rather than continue on in court.

"We disagree with the Department of Justice's narrow view on a transaction that would have benefited consumers," the company said. "The appliances market is dynamic and highly competitive."

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