Electrolux comments on speculations on settlement
Electrolux comments on speculations on settlement in the GE Appliances case.
On July 1, 2015, the U.S. Department of Justice (“DOJ”) filed a Complaint in Federal Court seeking to stop Electrolux proposed acquisition of the appliances business of General Electric. Electrolux vigorously contests this effort by the DOJ to oppose the transaction and remains confident in its assessment of the competitive merits of this transaction and its favorable impact on consumers. The review of the proposed acquisition has continued in a court procedure and the trial begun on November 9, 2015. Electrolux expects the trial to conclude in December and anticipates that the Court will reach its decision by late this year or in January 2016, and if resolved favorably, it expects to close the transaction soon after such resolution, following regulatory approvals.
Occasionally, disputes like this one are resolved by settlement. While Electrolux may be willing to consider a reasonable settlement with DOJ, Electrolux is currently not in settlement discussions with DOJ. Given the nature of this matter, it cannot be ruled out that settlement discussions may arise or that references to such discussions may be made by counsels of DOJ or Electrolux within the court procedure. As the outcome of any such potential discussions is inherently uncertain, Electrolux does not plan to make any further comments on whether discussions have been or will be initiated, or the status thereof, until it is relevant to provide further updates.
For further information, please contact:
Catarina Ihre, Vice President Investor Relations at 46 (0)8 738 60 87
Electrolux Press Hotline, 46 8 657 65 07.
Electrolux discloses the information provided herein pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08.00 CET on November 23, 2015
Electrolux is a global leader in home appliances, based on deep consumer insight and developed in close collaboration with professional users. We offer thoughtfully designed, innovative solutions for households and businesses, with products such as refrigerators, dishwashers, washing machines, cookers, vacuum cleaners, air conditioners and small domestic appliances. Under esteemed brands including Electrolux, AEG, Zanussi, Frigidaire and Electrolux Grand Cuisine, the Group sells more than 50 million products to customers in more than 150 markets every year. In 2014, Electrolux had sales of SEK 112 billion and 60,000 employees. For more information go to www.electroluxgroup.com.