Gen Electric (NYSE:GE)
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--Two subsidiaries of General Electric Co. (GE) reached a settlement with the African Development Bank over bribery and fraud cases concerning units of Alstom, which GE acquired in 2015, Reuters reports Friday.
--Under the terms of the settlement, two of GE's subsidiaires, Alstom Egypt for Power Projects S.A.E., and GE Power Systems GmbH, will be temporarily unable to bid on power contracts, the report said.
--GE said the conduct under question happened before its acquisition of Alstom's power business, adding it cooperated fully with the investigation, the report said.
Full story: https://www.reuters.com/article/us-ge-africa/african-development-bank-ge-reach-settlement-on-alstom-misconduct-idUSKCN1R32C7?il=0
--Write to Stephen Nakrosis at email@example.com
(END) Dow Jones Newswires
March 22, 2019 14:39 ET (18:39 GMT)
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