•  
  •  
  •  

EC investigates GE's plans for LM Wind - report

Image source: Adwen. License: All rights reserved.

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)

More stories to explore
Share this story
Tags
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription