General Electric says cancels sale of its appliance division to Electrolux

STOCKHOLM: General Electric announced Monday that it has decided to cancel the agreement to sell its appliance division to the Swedish group Electrolux which had offered last year to buy it for $3.3 billion (3.0 billion euros).

The US conglomerate said in a statement that it was still interested in selling the appliance division, while Electrolux, which had wanted the acquisition to make it one of the world leaders in the appliance sector, said it was “disappointed” by the GE decision.

GE also said it was owed a cancellation fee of 175 million dollars from Electrolux.

APP/AFP

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