U.S. Markets close in 6 hrs 24 mins

GE has until July 16 to offer EU concessions on Alstom deal: source

By Foo Yun Chee

BRUSSELS (Reuters) - U.S. conglomerate General Electric (GE.N) has just over a week to offer concessions and head off EU regulatory concerns about its 12.4-billion-euro ($13.7 billion) bid for Alstom's power unit, a person familiar with the matter said on Wednesday.

The company faces a tough challenge after the European Commission warned that the deal could hurt competition as it would result in just two gas turbine companies in Europe - GE and German rival Siemens (SIEGn.DE).

It is not clear if GE managed to sway the EU competition enforcer at a closed-door hearing last week despite arguing that the merged company's market power would not be as dominant as estimated by the Commission.

"The deadline for remedies is July 16," said the source, who declined to be named because the date is not public knowledge.

The Commission is scheduled to decide by Aug. 21 whether to clear the deal.

GE Chief Executive Jeff Immelt has said the company is ready to offload intellectual property rights to some of Alstom's assets but industry players suggest that it may have to do more, such as selling assets.

Competition regulators in China, India, Brazil, South Africa and 11 other countries have already waved through the deal without demanding concessions.


(Reporting by Foo Yun Chee; Editing by Elaine Hardcastle)