June 1, 2018 / 1:48 PM / 2 months ago

EU Commission clears ABB's purchase of General Electric unit

BRUSSELS (Reuters) - The European Commission said on Friday it had cleared ABB’s (ABBN.S) acquisition of General Electric’s (GE.N) Industrial Solutions business, saying it would not raise competition concerns.

FILE PHOTO: A logo is pictured on the ABB Secheron building in Meyrin near Geneva, Switzerland November 6, 2017. REUTERS/Denis Balibouse

Swiss power grids maker ABB said it would buy the General Electric’s unit in September $2.6 billion in a bet it can improve the division’s lacklustre margins over the next five years.

“The Commission concluded that the transaction would raise no competition concerns in the relevant markets within the European Economic Area,” the EU executive, which oversees competition in the European Union, said on Friday.

Reporting by Robert-Jan Bartunek; editing by Francesco Guarascio

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