P. M. BRIEFING : Two Firms Can Renew Plessey Bid
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LONDON — General Electric Co. PLC and Siemens AG reached an agreement with the British government on conditions for resuming their joint bid for Plessey Co. PLC, the government said today.
The British and German electronics giants have pledged to remedy public interest questions identified by the Monopolies and Mergers Commission, the Department of Trade and Industry said in a brief statement.
The department in April said GE and Siemens could renew their bid for Plessey, also a British electronics company, on the recommendation of the monopolies commission.
The original GE-Siemens offer made earlier this year, valuing Plessey at $2.8 billion, automatically lapsed when the monopolies commission launched its inquiry in January. A spokesman for GE refused to say whether the two companies will renew their bid.
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