Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, March 17, 2015

EU deadline on GE's $13 billion Alstom deal extended to Aug. 6, (NYQ: HON)

European Union antitrust regulators have extended their deadline for a decision on General Electric's 12.4 billion euro ($13.15 billion) bid for Alstom's power equipment business after a request from the U.S. group. The European Commission, which opened a full-scale investigation last month on concerns that the deal could result in price increases, will now make its decision by Aug. 6 instead of July 8, according to a filing on its website.GE said it is optimistic of obtaining EU clearance. The company has received the green light for more than 50 deals since the Commission blocked its planned $42 billion takeover of Honeywell International Inc in 2001."We have agreed with the European Commission to extend by 20 days the deadline for the Phase II investigation. We have a constructive dialogue with the Commission and we continue to work toward a positive outcome," spokesman Jim Healy said. ($1 = 0.9432 euros)

Honeywell International Inc. is a diversified technology and manufacturing company. Shares of HON traded higher by 1.59% or $1.61/share to $102.78. In the past year, the shares have traded as low as $82.89 and as high as $105.39. On average, 2780310 shares of HON exchange hands on a given day and today's volume is recorded at 2236508.