GE BEING PROBED FOR MISLEADING EU
Regulators say firm was not truthful when seeking merger
BRUSSELS Margrethe Vestager signalled a zero tolerance approach to companies that give inaccurate information when she fined Facebook €110 million on May 18 for combining WhatsApp data with its other services after having told the merger officials otherwise during the EU’s 2014 review.
On March 20, the EU approved GE’s acquisition of Denmarkbased LM Wind Power unconditionally after officials found no competition concerns.
But while GE told the commission during the review that it was not planning to expand into nextgeneration offshore wind turbines with a capacity of 12 megawatts, EU regulators subsequently said they found evidence to the contrary.
The punishment for breaking the EU’s rules is as high as one per cent of their annual sales. Bloomberg
At the centre of the dispute is LM Wind Power, which GE bought over for €1.5 billion, while promising it would not develop new giant offshore wind turbines.