Published June 13, 2013
BRUSSELS – U.S. conglomerate General Electric has offered concessions to try to win EU regulatory approval for its $4.3 billion proposed purchase of Italian plane components maker Avio, a deal intended to boost its global supply chain.
The European Commission said on its website it would decide on the deal by July 2, extending the deadline from June 18. It did not provide details of the concessions, sticking to its standard policy.
Companies typically offer to sell assets or modify their business practices to allay competition concerns.
Avio, which makes parts for the GE Dreamliner engine used by Boeing Co and also counts engine-maker Rolls-Royce Holdings as one of its customers, is considered one of Italy's industrial jewels and one of the most technologically advanced firms in its field.
GE is buying Avio from private equity fund Cinven and Italian state-controlled defense group Finmeccanica .
(Reporting by Foo Yun Chee; editing by Rex Merrifield)