GE nears deal to buy aerospace ops of Smiths Group for about 2.5 bln stg -report |
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Mon, 15 Jan 2007 03:40
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HONG KONG (XFN-ASIA) - General Electric Co is close to an agreement to buy the aerospace division of UK's Smiths Group PLC for about 2.5 bln stg, the Wall Street Journal reported, citing people close to the deal.The deal would mark a shift in strategy for the British company and a return to expanding in Europe for GE, the paper noted in its online edition.Smiths has been under pressure from shareholders to pare its activities. It operates four main businesses, including a division that is one of the world's largest makers of airport detection-and-screening equipment.The deal is expected to be announced as soon as Monday, it said.Spokesmen for GE and Smiths declined to comment, the newspaper said.rc/
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