EU fines GE EUR 52 million over LM wind deal

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EU antitrust regulators on Monday fined U.S. conglomerate General Electric 52 million euros ($58.4 million) for providing misleading information in its takeover of Danish rotor blade maker LM Wind two years ago.

GE told the European Commission that it was not developing any other turbine apart from its 6 megawatt turbine when it sought EU approval to buy LM Wind. The EU found that this was not true after a third party provided details, according to Reuters.

GE subsequently withdrew its request and resubmitted it a month later with more data on future projects. The deal was cleared in March 2017.

Four months later, the EU competition enforcer opened an investigation into GE’s first notification and the misleading data provided. Monday’s sanction follows that probe.

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Gabriel Avăcăriței

Journalist experienced with both old and new media, Gabriel has been the editor in chief of energynomics.ro since 2013. His great command in communication, organizing information and publishing are put to work every working day in order to develop all the projects of the energynomics.ro B2B communication platform: website, magazine, and own-events.

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