WASHINGTON, Oct 17 (Reuters) - General Electric has agreed to make payments to the U.S. government after failing to divest a subsidiary as quickly as agreed following a merger approval, the Justice Department said on Tuesday.
The department, which did not say how big the payments are, said that they are to begin on Jan. 1 and continue “until the divestitures in each international jurisdiction are completed,” the department said.
General Electric won U.S. antitrust approval to merge its oil and gas business with Baker Hughes Inc to form a new publicly traded company in June. The deal was approved on condition that GE sell its Water & Process Technologies business to the French waste and water group Suez.
In its release, the department said the delays were due to “various administrative challenges.” (Reporting by Diane Bartz; Editing by Paul Simao)