Sweden’s Electrolux said on Monday its deal to buy General Electric’s appliance business had fallen through after GE terminated the $3.3 billion agreement.
The U.S. Department of Justice asked a federal court in July to stop Electrolux, which makes Frigidaire, Kenmore and Tappan appliances, from buying GE’s appliance business and has said the deal would push prices up by five percent.
“Electrolux has made extensive efforts to obtain regulatory approvals, and regrets that GE has terminated the agreement while the court procedure is still pending,” Electrolux said in a statement.
Electrolux said its strategy to grow profitably in promising segments, product categories and emerging markets was unchanged.
