GE announces sale of Swiss Re shares, reaffirms Q1, FY EPS outlook |
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Thu, 01 Mar 2007 20:51
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LONDON (AFX) - General Electric Co has announced the sale of its holdings of Swiss Re Common Shares, and reaffirmed its first quarter and full-year 2007 earnings per share (EPS) outlook.Terms of the Swiss Re sale include GE selling 16.65 mln shares of common stock at a price of 104 sfr per share: concurrently Swiss Re also will repurchase 16.65 mln shares of stock directly from GE for 1.71 bln sfr.Upon completion GE will no longer own any shares of Swiss Re's stock, and will receive of 2.8 bln usd, resulting in a 565 mln usd pre-tax gain.The company said the gain will be used for restructuring and a separate charge from a recent asbestos-related legal decision.'GE is off to a strong start for the year,' said CEO Jeffrey Immelt. 'We are confident in our ability to meet our EPS guidance of 0.043-0.45 usd for the quarter, up 8-13 pct, and 2.18-2.23 usd for the year, up 10-12 pct.'newsdesk@afxnews.comrwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Swiss shares AFX at a glance outlook 