The European Union has approved General Electric's $14.1 billion takeover of the power and transmission division of French company Alstom, pending the sale of key parts of Alstom's heavy duty gas turbines business.
Tuesday's decision comes in the wake of an investigation to see if the takeover would distort the market. EU Antitrust Commissioner Margrethe Vestager said the approval of the deal depended on the sale of the gas turbines division since it would have hurt competition in a sector she sees as key to fighting climate change.
Still, she said the approval of the deal "shows that Europe is open for business and that Europe-based technology can thrive and attract foreign investment."
Vestager said parts of the heavy duty gas turbine business would be sold to Italy's Ansaldo.