Global industrial company General Electric (GE) - Get Report is said to be facing an investigation into misleading information it allegedly gave to the European Union during a merger review, Bloomberg reports.
The EU is looking to determine if GE misled officials when they were examining a GE deal to acquire LM Wind Power for $1.7 billion. The company may be in hot water for telling the EU that it had no plans to develop a new giant offshore wind turbine, when in fact it did have a project on hold.
GE is not the first company to be hit with an EU probe over misleading information. On May 18 Facebook (FB) - Get Report was fined 110 million euros for providing inaccurate information about its acquisition of messaging service WhatsApp.
"On March 9, 2017, the European Commission (EC) notified us that they were opening a proceeding to evaluate possible infringements by the company in their submissions regarding the LM Wind Power transaction. Since that point, there has been no further formal communication from the commission to GE regarding the proceedings. The LM Wind Power transaction was approved by Brazil, China, the US, and the EC, and the deal closed on April 20, 2017, GE Renewable Energy spokesperson Sebastien Duchamp told TheStreet.
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This story has been updated from its previous publish time of 9:48 a.m. to include a statement from GE.