May 22 (Renewables Now) - The European Commission suspects that General Electric (NYSE:GE) had provided misleading information during the antitrust review of its now closed acquisition of LM Wind Power, Bloomberg reports.
GE completed its EUR-1.5-billion (USD 1.69bn) takeover of the Danish wind turbine blades maker a month ago, after receiving all necessary approvals in the EU, the US, China and Brazil. The EC gave its unconditional nod in March as it determined that competitive concerns would be unlikely to arise following the transaction.
However, a person familiar with the case has told Bloomberg that the EC is reviewing whether the US conglomerate misled regulators by telling them it did not have plans to a new and larger offshore wind turbine with a capacity of 12 MW. According to the source, EU officials have found evidence suggesting that GE indeed had such plans.
The informed person has added that the investigation may lead to statement of objections in August and subsequent fines.
(EUR 1.0 = USD 1.125)